Whole of Life Insurance cover will pay out a lump sum whenever you pass away, as long as your premiums are paid up to date.

Reasons why people arrange Whole of Life policies:

  • To cover their funeral costs or to leave a lump sum for their nearest and dearest.
  • Upon death, Inheritance Tax Liability (IHT) is paid on any part of your estate that exceeds the ‘nil-rate band’, a threshold that currently stands at £325,000 (ie £650,000 for couples). The current rate of IHT is 40%. A Whole of Life policy could be used to help cover a potential IHT Liability.

Depending on the insurer, premiums are either paid throughout your life or until a prearranged age (when premiums stop but cover continues).

The premiums for Whole of Life Insurance policies tend to be more expensive than those of Term policies, as they are guaranteed to pay out. With a Term policy the benefit will only be payable if you pass away before the cover’s end date.

It is wise to consider index-linking your policy, which will help protect the benefit from the effects of inflation.

A ‘medically underwritten’ Whole of Life Insurance policy should not be confused with a ‘Guaranteed Acceptance’ Over 50’s plan (more information below).

If you cancel or stop paying your premiums, you won’t get any money back. There is no investment value in the Whole of Life Insurance policies which we arrange.

To speak with one of our advisers, who will be happy to discuss your options and provide you with a quote (which will always be confirmed in writing) from one of the UK’s leading Life Insurers, please call us on 0800 644 4468, or click here to complete a short enquiry form and we will then contact you at a convenient time.

Client Feedback and Reviews

After going down a couple of avenues, when trying to purchase whole-life Insurance, which did not/could not offer me the product at approximate price I wished to pay, to my delight I discovered Future Proof. What a blessing. The staff were so helpful and informative and bent over backwards to help. Whereas, I had approached Company’s individually, FP researched a number of Company’s, on my behalf, to see who could offer the best deal to suit my needs. They did all the work, and trolling, to find a product that would suit me. I just left it all in their capable hands and they kept me informed each step of the way.

After securing me a policy which suited me, admirably, I gave them the green light to go-ahead and set it all in motion. It was as simple as that. I spoke with them on the ‘phone regularly to cover all the points and issues with them and they were always impeccably polite, well-mannered and helpful in explaining everything including any pitfalls to avoid. They also listened to me and no pressure was ever exerted by them to push any product.

I am delighted with Future Proof. At the time of writing this I am awaiting Trust Deeds, from them, for me to complete to ensure the Policy will pay out to my beneficiaries timeously in the event of my demise. After their already sterling service, they had no hesitation in also offering to help me complete the Trust Deed Forms, if needed, which I thought was extremely good after-sales service. I have no doubt I will use their offer of help in this case.

I would highly recommend this Company.

Posted on the Review Centre

(24/02/15)

The benefits of index-linking your policy

Arranging cover with an index-linked option means the policy increases on an annual basis to offset the effects of inflation. This is important because as time goes by, the real value of the pay-out will decrease. It is safe to say that £100,000 today will not be worth the same in 20 years. In 1982 the average price of a litre of petrol was 35p, by March 2015 it was £1.15. Index-linking your Life Assurance policy will allow it to maintain its value.

Most providers allow you to opt out of indexation. This means you can freeze your premiums and benefits at any point.

If the main purpose of arranging cover is to leave a lump sum for your nearest and dearest, it may well be a good idea to arrange your cover with an indexation option.

Guaranteed acceptance over 50’s plans

An Over 50’s Plan with no Medical

A guaranteed over 50 plan is a Whole of Life Insurance plan that pays out a cash sum when you die.

Acceptance is guaranteed, with no medicals or health questionnaires to complete; quite simply you will be covered regardless of any health issues you may have, as long as you are between the ages of 50 and 85*.

The over 50 guaranteed life insurance plan is an affordable way to leave money to those you care about, giving them the flexibility to use it in a way that suits them:

  • Help with funeral costs
  • Pay off outstanding debts or bills
  • Use as a treat or to buy something to remember you by
  • Leave as a gift for grandchildren

What are the benefits?

  • Guaranteed acceptance – you will be covered regardless of any health issues
  • No medical or health questions to answer – just a straightforward simple application
  • Affordable monthly payments – starting from £10
  • Guaranteed cash sum when you die – that can be used to help your family financially
  • Fixed monthly payments – can help with budgeting
  • Full life cover after an initial period of 1 or 2 years* – if you die within this period the money paid in will be refunded
  • Available to anyone in the UK between the ages of 50 – 85*
  • You choose how much you want pay on a monthly basis or how much cover you need
  • Funeral Benefit Option

Most over 50 life insurance plans now offer a funeral benefit option. They vary slightly but typically, instead of having the money paid to your estate when you die, you can agree for it to be paid directly to a specified funeral director to help pay towards the cost of the funeral. The option is usually free and in return you get additional life insurance cover.

If you are thinking about taking one of these plans out to help with funeral costs, it is worth looking at this option but keep in mind that you have to go with that funeral provider in order to get the additional life cover.

Things to consider:

  • These type of plans are normally more expensive than a medically underwritten Whole of Life plan.
  • If you were to die during the initial 1 or 2 year period*, you would not be covered for the full cash sum however your monthly premiums would be refunded.
  • Premiums are payable for life or until your 90th birthday*
  • Depending on how long you live, there is a chance you could pay in more than the plan pays out
  • The amount of money paid out when you die is fixed so inflation will reduce its value over time
  • If you cancel or stop paying your premiums, you won’t get any money back.
  • The money usually gets paid to your estate so may be subject to inheritance tax

* Plans vary depending on the life insurance provider

If you would like some friendly and expert advice, please call either Amy, Adrienn, Alex or David on Freephone 0800 644 4468, or if you are calling from a mobile on 01737 336990.

We are available for a chat from 09.00 to 19.00 Monday to Thursday and 09.00 to 17.00 on Friday.

Whole of Life
Aimee Scott

Would you like some advice?

Contact one of our team now to get impartial & helpful advice

Call 0800 644 4468Mobiles call01737 336 990