Whole Of Life
A guaranteed payout for your family when you’re gone
We’ll help you find the right policy for your needs to provide peace of mind that your loved ones will be taken care of
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Secure a guaranteed payout
Whole of Life insurance is a policy that guarantees a payout to your family when you pass away. Unlike term life insurance, which expires after a set period, Whole of Life insurance only ends upon your death. This assurance gives peace of mind that your loved ones will be financially secure, no matter what.
Unique benefits
Your Whole of Life policy can be held in trust, ensuring the proceeds are paid directly to your beneficiaries, and can be used to offset inheritance tax liability when set up appropriately. Many policies offer investment opportunities, enabling you to grow the cash value of your policy and make tax-free withdrawals without affecting the payout sum. A Whole of Life policy is also not subject to capital gains or income tax, making it an attractive cover option.
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Personalised protection
Choosing the right Whole of Life insurance policy can be complex, and there are many different options and approaches available. With the price of your premiums based on your age, gender, health and other factors, speaking to an expert is essential to find the right fit for your needs. Our team can guide you in selecting the ideal policy, ensuring comprehensive coverage and financial peace of mind.
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Get the facts
Download our guide to Whole of Life Insurance and learn more about securing a guaranteed payout for your family when you pass away.
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FAQs
What happens if I stop making payments?
Whole of Life insurance has no cash-in value at any point. If you stop paying your premiums, your cover will end immediately, and you won’t receive any refunds or payouts.
Why should I go through a financial adviser?
A Broadbench financial adviser can help tailor a policy that meets your unique needs and budget. Their expertise ensures you get the most suitable cover, helping you avoid unnecessary costs or gaps in protection.
Can I take out a joint Whole of Life insurance policy?
Yes, joint Whole of Life policies are available. They are typically more affordable than two separate policies but usually pay out only once—either when the first person on the policy passes away or, in some cases, upon the second death, depending on the type of policy chosen.
Are Whole of Life insurance payouts tax-free?
Life insurance payouts are usually subject to inheritance tax (IHT) at 40%, as they are included in your estate.. Find out more about IHT Planning.
However, by placing your policy in a trust, the payout can be kept separate from your estate, reducing or eliminating tax liability. Speak with an adviser to ensure your policy is set up correctly for tax efficiency.
Can I get whole of life insurance if I’m over 50?
Yes, Whole of Life insurance is available for those over 50. While premiums generally increase with age, many insurers offer competitive rates for older applicants. An adviser can help you find the best deal based on your circumstances.
Can Whole of Life insurance include health coverage?
Some Whole of Life policies include critical illness cover, which provides a payout if you’re diagnosed with specific medical conditions during your lifetime. This can offer additional financial security in case of serious illness.
What if I no longer want Whole of Life insurance?
Some policies allow you to surrender your plan for a cash value, though exit charges or penalties may apply. However, not all Whole of Life policies offer this option, so it’s essential to check the details before purchasing.
How much Whole of Life cover do I need?
Your coverage should account for:
- Outstanding debts (mortgage, loans, credit cards).
- Income replacement to support dependents.
- Future expenses, such as university fees for children.
Online life insurance calculators can help, but working with an adviser ensures you select the right level of cover for your needs.