Apply for Whole of Life Insurance Cover With Lending Expert
If you’re looking for whole of life insurance cover then Lending Expert can help. Our team of professionals can advise you on the best cover for your personal circumstances. Compare quotes for free online today with Lending Expert.
- Whole of life insurance guarantees a payout to your family when you die, as long as you have kept up with your premiums.
- Factors such as age, health, and family history can impact the cost of your insurance premiums.
- Payouts are tax free. However, if your estate is worth more than £325,000, your family may have to pay up to 40% inheritance tax.
- Some whole of life insurance policies will let you cash out early.
What Is Whole of Life Insurance Cover?
Whole of life insurance – also known as whole of life assurance – is a type of insurance policy that guarantees a payout to your family when you die, no matter when this is. Usually, the provider will pay this money in a lump sum.
How Does Whole of Life Cover Work?
With whole of life insurance cover, you’ll pay a monthly or annual premium. Your insurance providers may review this from time to time and revise the amount you have to pay each month or year.
When you die, your beneficiaries (the person or people you’ve nominated on the policy) will get a pay-out, usually in the form of a lump sum. You’ll remain covered so long as you pay the premium.
How Much Does Whole of Life Insurance Cost?
Whole of life insurance cover differs in cost between each provider, but generally, it’s more expensive than fixed term life insurance as insurers will have to pay out at some point. There’s some things that you can expect to influence the cost of your policy from every whole of life insurance provider:
- Cover Amount – you’ll decide how much of a payout that you’d like your beneficiaries to receive.
- Age – usually, the younger you are when you start your policy, the cheaper it’ll be.
- Your Health – if you have any pre-existing medical conditions, this will impact your policy.
- Medical History – your medical history and that of your family will impact your policy.
What Are the Alternatives to Whole of Life Insurance?
- Level Term Life Insurance.
- Decreasing Term Life Insurance.
- Joint Life Insurance.
Is Whole of Life Insurance the Best Option for Me?
A whole of life insurance policy could be the best option for you if you want to leave your family a lump sum of money when you die. It could also be the best option for you if you want a payout that can help cover inheritance tax if your estate is valued at more than £325,000.
If you’re only looking for temporary cover for financial security, a term life insurance may be a better option for you. For example, this could be when you have an outstanding mortgage to pay.
We would always recommend consulting an expert about which type of life insurance is best for you. Our team of professionals can offer expert and impartial advice to help find the best policy for you. You can start your application online today with Lending Expert.
Why Should I Use Lending Expert for My Whole of Life Insurance Cover?
Here at Lending Expert, we work with a number of different lenders and providers. You can use our free and easy to use eligibility checker for an indicative quote with no obligation.
Lending Expert was founded in 2013, and we have years of experience working in the life insurance and mortgage market. We’ve helped thousands of customers to date. Our values have always been to find the right product for the right individual at the most competitive rate – and we are pleased to offer our services for you today! Start your application today!
Is a Whole of Life Insurance Payout Tax-Free?
Yes, whole of life payouts are tax-free – your family won’t have to pay capital gains tax or income tax on this money. However, they may have to pay up to 40% inheritance tax if the value of your estate is more than £325,000.
You can protect your whole of life insurance payout from inheritance tax by keeping it separate from the rest of your estate. To do this, you’ll have to write this in the policy in trust.
Can I Cash In My Whole of Life Insurance Policy Early?
Some whole of life insurance policies do let you cash in early. Not all providers will do this though, so it’s important to check the terms of your policy before agreeing to it. If your policy does let cash in early, you’ll receive a smaller payout and could incur high charges and a penalty. This could then mean that you receive less than you’ve invested if you cash out early.
We’d always recommend talking to a professional about all of your options when it comes to life insurance. You can chat to our team of experts here at Lending Expert about the best option for you and start your application online.