Making life insurance easy to understand
Whole Life Insurance
Lifetime Protection with Guaranteed Payouts
What is Whole Life Insurance?
At MultiQuote Ltd, we believe in providing insurance solutions that offer lifelong security. Whole Life Insurance is a permanent life insurance policy designed to protect your loved ones no matter when you pass away. Unlike term life insurance, which covers you for a set period, whole life insurance guarantees a payout to your beneficiaries whenever you die, as long as your premiums are paid. Whole Life Insurance is a type of permanent life insurance that provides lifetime coverage and a guaranteed payout upon your death. It also includes a savings component, known as the cash value, which grows over time and can be accessed during your lifetime. This makes it a versatile financial tool for both protection and planning.
How does Whole of Life insurance work?
When you take out a Whole Life Insurance policy:
You pay regular premiums, which are split between the cost of insurance and the cash value.
The cash value grows over time at a guaranteed rate, providing a savings element.
Upon your death, your beneficiaries receive the death benefit, which is typically tax-free.
Who needs Whole of Life insurance?
Whole Life Insurance is ideal for:
Long-Term Planners: Those who want to leave a financial legacy for their loved ones.
Homeowners: Individuals looking to cover inheritance tax or pay off a mortgage.
Families: Parents who want to ensure their children are financially secure, no matter what.
Business Owners: Those who need to protect their business or provide key person insurance.
Frequently Asked Questions
How much does Whole of Life insurance cost?
Premiums are typically higher than term life insurance due to the lifetime coverage and cash value component. However, fixed premiums make it easier to budget long-term.
Can I access the cash value during my lifetime?
Yes, you can borrow against or withdraw from the cash value, though this may reduce the death benefit.
Is Whole of Life Insurance better than Term Life Insurance?
It depends on your needs. Whole Life Insurance offers lifetime coverage and a savings component, while Term Life Insurance is more affordable and covers you for a set period. Learn more about Term Life Insurance here.
Can I use Whole Life Insurance for inheritance tax planning?
Yes, the payout can be used to cover inheritance tax, ensuring your loved ones receive the full value of your estate.
