You are here: Home - Insurance - News -

Get a life (insurance policy) – before it’s too late (4)

Written by:

THE WHOLE TRUTH (about whole life insurance)

AS ITS NAME suggests (and until recently it was called whole of life insurance), whole life insurance pays out whenever you die and is not limited to a specific period (other than your lifespan) like term life insurance.

Not surprisingly, the premiums work out dearer than with term assurance (the same as ‘insurance’) because of course the life insurance company is going to have to pay out at some point because, as we agreed at the start, we are all going to die one day (sorry for bringing that up again).

With some whole life insurance policies you pay your premiums until you die (it becomes a trifle more difficult thereafter), while others let you off once you achieve a certain age – say 65, or, with more demanding companies, 80. Once you do die the policy is termed “paid up”, which has an apt air of finality about it.

Whole life insurance can be arranged with an investment element attached and it is to this slightly more complex (but still pretty easy if you put your mind to it) subject we turn in masterclass 5. This shows how life insurance can be combined with saving and investment, which makes it a bit more than just about dying, and brings in the lively cut and thrust of the stock markets. Excitement squared indeed.

For more details about life insurance, go to the Association of Brtitish Insurers (ABI) on


Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
LIFE INSURANCE NIB: Civil partnerships ‘same as marriages’

Insurance companies are to scrap an “anachronistic exemption” that allows them to discriminate against gay couples when assessing the cost...