The purpose of a ‘Whole of life’ policy is to provide a tax-free cash lump sum to your loved ones after death. Also referred to as life assurance, it guarantees to pay out provided premiums are paid up to date. This differs from term-based insurance policies that only apply for a set period of time.
‘Whole of life’ policies are one of the most comprehensive forms of insurance available in terms of coverage, and is often a suitable way of providing some financial security for your family. There are no restrictions as to how any payouts can be used, making it a flexible way of allowing it to be spent on whatever your loved ones’ needs are at the time.