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Whole Life Insurance
Whole life insurance is a policy that will pay out on death at any time of the person whose life is assured, as long as the whole life insurance policy is still in force. You will be expected to pay premiums on the whole life throughout your life or until the person whose life is assured reaches a certain age, when premiums could stop, but cover continues.
The main difference between whole life insurance and term insurance is that payment of the benefit will be inevitable (hence the difference between 'assurance' and 'insurance'). With term insurance, your premiums only go towards a mortality element, as it will only pay out if you die within the term. With whole of life, the premiums go partly towards a mortality element and partly towards a savings element, which builds up an investment fund in order to pay the benefit on death. Because of this, whole of life policies tend to be more expensive than term policies.
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