The Pros and Cons of Whole of Life Cover

There are two main types of life insurance, Whole of Life cover and Term Assurance cover.

As the name suggests, Whole of Life insurance can cover you for your entire life whereas Term Assurance is put in place for a set term such as 10, 20 or 30 years.

Whole of Life insurance often costs more in premiums but means you get a guaranteed sum of money when you pass away at any age, so some people will see it as a form of savings account for their next of kin when they pass away.

Term insurance costs less in premiums but if you don’t pass away during the term of the cover, there will be no payment and so the money you’ve paid in is gone forever.

In this blog we’ll delve into the pros and cons of Whole of Life insurance.


Permanent – As long as you keep paying your premiums the policy can last for the rest of your life. There are certain options available in the market where you pay premiums for so many years, similar to term insurance, but then you stop, and...

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What is Life Cover?

What is Life Cover/Insurance?

Life insurance or life cover pays out a tax-free lump sum if you die during the term of the policy. It’s possible to have single life cover, where only one person is insured, or joint life cover or dual life cover, where two people are insured under the one policy.

Do I need Life Cover?

Like most insurances the answer to that question depends very much on your personal circumstances. For example, if you have no dependents or anyone who relies on your income, then you more than likely do not require life cover. Some people may have cover through work or a pension plan, so they usually do not require additional cover.

If you have dependents or someone who relies on your income such as a spouse, then you more than likely need life cover.

It is always recommended to talk to a financial advisor before purchasing cover so that they can perform a full financial review to ensure you are making the best choice for you.

How much Life Cover do I need?


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