Life Insurance from Life-Ins.co.uk |
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Whole of Life Insurance Cover PLEASE NOTE Due to the fact that whole of life cover is totally different to term assurance the quotes that can be obtained from this page are only WHOLE OF LIFE INSURANCE QUOTES . Therefore for future reference you have to come to this page first in order to do whole of life insurance quotes. In addition quotes obtained from any of the other pages within this site with the exception of this page will only be term assurance. So all that said, What is whole of life insurance cover? Whole of life insurance or whole of life assurance, is a policy that is designed to pay out a death benefit whenever death takes place, subject to the premiums being maintained. Due to this certainty of payment whole of life insurance can and is more expensive than it's cheaper term insurance cousin. Premiums for Whole of life policies may be paid in two ways regular premium or lump sum single premium. They may be non-profit, in which case only the guaranteed sum will be paid on death, with profit, which is where the amount payable is the sum assured plus whatever profits have been allocated to the policy up to the date of death, or finally unit linked plans where the amount payable is the sum assured plus any additional value from the investment performance of the units. So why are Whole Of Life plans so much more expensive than term assurance plans and then why do they build up a cash sum? Well because Whole of Life, life assurance has to run until the life assureds ultimate death the insurance companies undertake a certain degree of risk that they are not getting enough in premiums to cover the eventual risk. So bearing this in mind they charge a higher cost than that of level term assurance and they build up a fund this allows then in the future to use the fund to supplement premiums should mortality rates change. For information Mortality rates are the statistical chance of someone dying Like most life insurance plans today additional benefits are available with a Whole of Life Assurance contract such as Critical Illness Cover, Indexation benefit and Waiver Of Premium Benefit but as with any additional benefit they do not come without cost and in some cases will only be granted as benefits on the plan subject to the plan being granted on standard rates (ie a fit and healthy life assured at onset of the plan). AGAIN PLEASE NOTE Due to the fact that whole of life cover is totally different to term assurance the quotes that can be obtained from this page are only WHOLE OF LIFE INSURANCE QUOTES . Therefore for future reference you have to come to this page first in order to do whole of life insurance quotes. In addition quotes obtained from any of the other pages within this site with the exception of this page will only be term assurance. For More information on Invest & Protect Ltd and their services or for Independent financial advice please visit Investandprotect.co.uk |
