What is whole of life insurance?
It’s a type of life insurance that guarantees a cash payout when you die. Also called life assurance, unlike a term policy, you don’t have to work out how long you would need to be covered for – it covers you for your entire life.
Provided you keep up with your premiums, the loved ones you name on the policy, known as beneficiaries, would get the tax-free cash payout when you pass away. Some policies also include cover if you’re diagnosed with a terminal illness and have less than 12 months to live.