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Type of Cover.
As the name implies, whole of life policies give you protection for life. Unlike term assurance that only pays out if you die during the term of the policy, a whole of life policy always pays out eventually.
For this reason whole of life insurance can be more expensive than term assurance, although this is not always the case.
The main type of whole of life assurance used these days is unit-linked whole of life which offers a variable mix between investment content and life cover.
Policy Options.
The initial premium is usually fixed for 10 years and is generally reviewed at that point to see whether the growth of the fund is sufficient to maintain the same premium level.
It is possible that the premium may have to increase, or sum assured reduce, at that point.
Product types available are: with profits whole of life; unit linked whole of life; low cost whole of life; universal whole of life and non-profit
whole of life.
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