Whole of Life insurance

Whole of Life Insurance lasts for your entire life and pays the insurance amount to your dependants whenever your death occurs. Whole life insurance is not limited to a specific period like term insurance which means premiums are generally more expensive because it is certain that the insurance company will eventually pay out the sum insured when you die.

The premiums are invested in a life fund and the cost of the life cover is met by monthly cancellation of units within the fund. Enough units are cancelled each month to pay for that months cover. If the performance of the fund exceeds the monthly withdrawals a surrender value can build up over time.