Whole Of Life Cover Guarantees Your Family a Payout

Whole of life cover is a life insurance policy that helps your family get a payout when you pass away. This policy guarantees that your loved ones will have financial security. Whole of life policy does not have a policy end date. This insurance ends only when you pass away. For this reason, this policy is also called life assurance.

How Does Whole of Life Cover Work?

Once you have taken out the insurance policy, you can pay monthly or annual premiums. If there are options available from a company, then you can pay for your whole of life cover in a manner that suits you.

The important thing you need to know is that the payout amount does not change. Your dependents will get the same amount for the entire period of your life. If you had a insurance cover of £150,000 when you took out the policy, then when you pass away, your family will get £150,000.

Why You Should Take Out Whole of Life Insurance Cover

There are many reasons you should have a whole of life policy.

1- You feel peaceful that your family and loved ones will get a guaranteed payout when you pass away.

2- The cash value of your life insurance can be a source of tax-free funds for your entire lifetime.

3- Your family will not need to overpay on inheritance tax if you take out whole of life insurance cover and write it into a trust.

4- The payout for your life insurance is given as a lump sum.

5- You can choose the amount of cover to increase, or you can let it remain at the same level over the term of the plan.

In some cases, you can even increase your insurance cover without providing any more medical evidence.

Get in touch with your trusted financial adviser. He can help you understand all the options available so that you can decide on the right cover for yourself and your family.

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