Whole of life insurance
Save money on a whole of life insurance policy with Bobatoo…
A whole of life insurance policy provides maximum peace of mind for you and your family, as it is guaranteed to payout when you die.
Let us find you a great quote on whole of life insurance now, or find out more with our life insurance buying guide…
How to save money on life insurance
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We aim to build relationships with our customers through understanding their needs and delivering personal finance solutions and affordable insurance quotes that they truly value, making sure we explain all the technical jargon in a language that everyone can understand.
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Learn how to save money on life insurance with our special guide...
What is whole of life insurance?
Bob tells us that this type of life insurance lasts as long as you do!
As a form of permanent life insurance, this is a policy that protects your family or dependents’ financial future should the unexpected happen at any time during your life.
You simply choose the cash lump sum you want your policy to pay out when you die and the cover remains in place for as long as you’re around. Providing that you continue to pay your monthly premium, there’s no end date to when your whole of life insurance policy ends.
Bob says – don’t forget to think about all of your financial commitments when deciding how much life insurance cover you need!
If you know that certain bills have to be paid your life insurance needs might change as your life situation changes – for example if you get married, have children or your job changes – so it’s worth bearing this in mind too. Bob’s friends will always be happy to give you advice.
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Do I need whole life insurance?
For the majority of us the answer to this is a resounding yes. Or at least a yes in principle.
As we’ve already outlined, other alternative life insurance policies are available and any one might be more preferential to your personal circumstances (and predicted circumstances) than another. It’s very difficult to generalise as to which type of life insurance suits which parties best and why.
With regards to whole life insurance though and it’s probably easier to highlight which of the UK’s demographic would not need it, as opposed to potentially earmarking all those that do.
Put it this way, the chances are whole life insurance isn’t for you if you have paid off your mortgage many years ago and the children have long since flown the family nest, and are no longer considered directly dependent.
Having said that, many people’s objectives are to leave a legacy to their loved ones in the financial shape of some form of inheritance. If nothing else this would cover spiraling funeral costs at the very least.
Meanwhile, there are growing numbers of folk who continue with their whole life insurance premium payments if only to meet any future inheritance tax bills, as the threshold for this remains a political hot potato.
Forecast funeral costs aside, other equally valid reasons why people might take out a whole life insurance plan is that perhaps the policyholder has a child who suffers from some form of disability or life-affecting condition, and the parent sees the arranging of such a far-reaching insurance policy as a means to an end in the event of their own demise, knowing that their offspring’s future will be fiscally assured in light of the on-going care they’ll require.
How much does it cost?
Bob understands that not everyone needs the same amount of cover when it comes to life insurance.
That’s why he works with selected insurance brokers to make sure you can get the cover you need at the best price they can offer.
Whether you are looking for a simple term life insurance policy, critical illness cover or anything in between, Bob’s friends can help.
Whole of life insurance is generally a more expensive life cover option, but it is also one that protects you the longest. Because there is no end date, you are likely to pay more. If you only need cover to last a limited number of years, then you might want to think about term life insurance instead.
However, whole of life insurance has a number of advantages, not least of which is that you’re protected for as long as you live!
Your whole of life insurance monthly premium is based on a number of things. These include your age, health, whether you drink or smoke and how much cover you’d like, for example. It’s worth remembering that the younger you are, the cheaper your whole of life cover will be too.
What can I do to reduce the cost of whole life insurance?
Leading a healthy lifestyle is perhaps the best thing you can do in order to drive down the cost of your whole of life insurance premiums.
Whole of life cover typically costs more for people who smoke, for instance.
Also make sure you only take out cover for the amount you need. This is known as the ‘sum insured’, and if it hasn’t been thought about carefully you could end up paying for cover you don’t need.
Life insurance premiums also increase as you get older, so taking out a policy early on in life can lead to cheaper premiums.