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Whole-of-Life Insurance

Everyone has at some point thought about the future and security of their family. When you decide to have children or get married, you are taking responsibility for others and it is very important that you also take care of the financial aspect. How does whole-of-life insurance work and why should you consider it?

Whole-of-life insurance pays out a lump sum when you pass away, whenever that may be.
Whole-of-life insurance pays out a lump sum when you pass away, whenever that may be.

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What is whole-of-life insurance? How does it work?

Whole-of-life insurance is a form of policy that protects your loved ones against the sudden loss of the income you receive. In the event of your death, these people will receive a one-off payment from the insurance company regardless of when you die. In this case, the insurance payment is certain and the timing of the insured person’s death does not matter.

It is therefore quite a policy than standard life insurance, which only guarantees that the family will receive a payout if the insured dies within a certain period of the insurance contract. For the simple reason that the insurance company knows that it will have to pay out at some point, whole life insurance is usually more expensive than term life insurance. However, as we mentioned, the payout is guaranteed in this case.

We should add, however, that in some situations, the insurance payout will not happen. The most common reason for rejection is the concealment of certain information during the conclusion of the contract, for example regarding mental health.

You can find out more about whole life insurance on the government’s Moneyhelper website.

Do I need Whole-of-life insurance?

After reading the above paragraph, you’re probably thinking that a whole-of-life policy is the perfect product, after all, the payout will almost certainly happen. The reality, however, is a little different.

A whole-of-life policy is a good solution for people who want to leave some form of inheritance to their loved ones and cover some inheritance tax (IHT). Such insurance will also help with funeral costs, mortgage repayments or funding your children’s education. However, if you have no family, such a purchase is unlikely to be justified. You may also find that insurance for a shorter period than your whole life, for example 20 years, is a better choice. The choice is yours and before you make it, it is worth knowing the premiums you will be paying.

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Whole-of-life policy
Whole-of-life policy

How to choose the right life insurance policy?

The decision to buy a whole-of-life policy can be a difficult one. The first step to choosing a whole-of-life policy is knowing what cover you need and what monthly or annual premium you can afford. Choosing the right product requires some calculations and answers to difficult questions about how you can save and invest your money. No one can make this decision for you, but a good option is to go to a proven adviser.

Summary

Our advisers know the subject of insurance like few others. By choosing to work with us, you can be assured of the quality of the product you buy. We take responsibility for our words and, as a result, our clients only choose products that are worth the money.

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Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Conveyancing services and some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts
secured on it.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Conveyancing services are not regulated by the Financial Conduct Authority.

Extend Finance nor The Right Mortgage Limited can’t provide advice regarding Personal Pensions, Pension planning or investment planning advice. You must seek independent financial advice from a suitably qualified professional financial adviser who may charge you for advice.

Wills, Will writing, Trusts and Trust planning are not regulated by the Financial Conduct Authority.

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