What is whole life insurance?
Whole life insurance is one of two different forms of life insurance and provides a customer with life insurance cover for their whole life. Life insurance provides the family of a customer with a financial pay out when that customer dies.
The other form of life insurance is term life insurance, which works in the same way but is offered for a certain term, which is usually a certain number of years, until a certain age, or until a mortgage is paid off.

Why do I need whole life insurance?
Whole life insurance offers you complete peace of mind that you family will be looked after when you are gone and unable to provide for them, and is hugely important while you have children and a mortgage to pay for.

You must ask yourself what your family would do if you didn’t have whole life insurance if you died. How would they pay the mortgage, bills and living expenses without your earning power to contribute to the household finances.

Your family can use the payout from a whole life insurance quote to pay off the mortgage, and to contribute towards household bills until they get back on their feet. The money can also be used to pay for school or university fees, or to leave money in trust for the children when they reach adulthood.

What else does whole life insurance offer me?
Whole life insurance providers understand that life insurance is hugely important during your period of greatest financial responsibility, but that after a certain period your mortgage will be paid off, your children will have left home and become self sufficient and your other half will have the income of a pension to rely on, making the payout less important. This is why term insurance is so popular.

Whole life insurance providers also understand that people want a return on their investment, which whole life insurance guarantees, and they allow whole life insurance customers to borrow money against the final payout later in life, allowing them to spend it how they see fit before they die.

Uses include paying for luxury holidays, or large family trips, or for giving money to children for house deposits, or other uses. The advantage of doing this while you are still alive is that you can see the joy and benefits your money will bring to your family.

For more information about life insurance or if you want to compare life insurance options fill out an enquiry form and an member of staff will contact you shortly.