Whole of Life

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What is whole of life cover?

Whole of life is as the title would suggest, lasts for the whole of your life and pays out on death.

There are two types of whole of life policies.

Non-profit whole of life insurance, also known as balanced or standard cover.

Investment based, otherwise known as maximum cover.

With balance or standard cover the premiums you pay will stay the same throughout the time your policy is in force.

Even if your health should deteriorate over time there will be no increase in payments and the benefit amount will stay the same.

A defined fixed lump sum is agreed as the benefit payable by the insurer when you die.

An investment based or maximum cover whole of life policy is linked to an investment fund either a with profit or unit linked.

Due to the two options with this type of protection some companies will state that there are three types of whole of life insurance options.

The insurer links the whole of life policy to an investment to generate funds for the eventual pay out.

Premiums are reviewed periodically, after 10 tears, then every 5 years until aged 70 and then yearly.

If the investment is not performing as well as the insurer expected, premiums could increase or the benefit level could be decreased.

These policies may seem cheaper at the outset but over time it is likely the cost could crease significantly.

At You 1st Mortgages, our advisers will only advise on balanced or standard whole of life insurance.

If you have any questions regarding any of the products you find information about on this site please feel free to contact us and we will do everything we can to assist you.

Below are links hopefully answering any questions you may have.

Why are whole of life policies useful?

What affects the cost of whole of life policies?

If I don’t claim do I get any money back with whole of life policy?

Can anyone else claim against my whole of life policy?

Do I pay tax on the benefit from a whole of life policy?

Will a whole of life policy always pay out?

Should I speak to an adviser for my whole of life assurance?

What protection do I have if I receive advice from You 1st Mortgages?

We will stand by our advice. We will stand by you. We will put You 1st.

You 1st Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited. First Complete Limited is authorised and regulated by the Financial Conduct Authority.

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