Whole of Life

What is it?

As the name implies, this type of life assurance pays out when you die, whenever that may be. It is usually, but not always, a more expensive option than term assurance simply because the life assurance company knows that it will definitely pay out at some point.

Many of these plans offer some form of investment content and so can be more flexible than term assurance and can acquire cash in values.

Who is it for?

This type of plan is designed for those who want to leave a lump sum in the event of their death, whenever it may occur.

It can be used to pay off debts that will not be repaid during your lifetime.

For those who want to leave a lump sum to pay a potential inheritance tax liability.

For mortgages regulated by the Financial Services Authority a fee of up to 1% of the loan arranged on your behalf will be charged upon completion. Please think carefully before securing other debts against your home.

When consolidating debts the new mortgage may have a longer repayment term and therefore increase the total amount payable.

Your home may be repossessed if you do not keep up repayments on your mortgage