Whole of life insurance?

Mumraaa

I am new to life insurance but after reading a few pages on what to do I thought ok ill check a 'whole of life insurance' against a 'term insurance' in price. So I tried many sites saying they sell whole of life insurance then when you start to fill in the quote forms they as you how long you want the quote for?! Well as I am not sure how long I will live im not sure how to do that part :P joking of course but seriously why can I not find the whole of life part even though they are claiming that's what they sell as well as term one? What am I missing? Thanks.

dunstonh

So I tried many sites saying they sell whole of life insurance then when you start to fill in the quote forms they as you how long you want the quote for?

You dont input the term on a whole of life policy quote. it is possible that those sites are not actually retailing whole of life plans. However, there are also some whole of life plans where you only need to pay premiums for a certain period but retain the benefits for life.

Mumraaa

dunstonh wrote: »

You dont input the term on a whole of life policy quote. it is possible that those sites are not actually retailing whole of life plans. However, there are also some whole of life plans where you only need to pay premiums for a certain period but retain the benefits for life.

Well all of these sites state whole of life else were on the site like here: http://www.moneysupermarket.com/life-insurance/whole-life/ . But then when you go to find it it asked for how long you want the insurance for here: https://www.moneysupermarket.com/life-insurance/search/#/ and no mention of whole of life. I guess what they do is a fixed period of high payments / premiums? Which then the cover goes on till you die ? So just as a ball park I am assuming whole of life premiums are like £100s of pounds and term life insurance is kind of around £5 ish or a bit more if you know what I mean? Am I correct? Or are whole of life monthly payments more like £5 - 10 somewhere? Because that's all I want to pay :P ! Thanks!

Mumraaa

http://www.payingtoomuch.com/insurance/whole-of-life.aspx

ah ok well yes it seems that whole of life is near to £100 a month and the fixed terms ones can be closer to £7 a month roughly depending on cover of course so yes that is the difference. Dont know why it was so hard to find a online quoter hmmm...

InsideInsurance

Whole of life is naturally more expensive because they know they are going to have to pay out one day on the majority of policies.

The opposite is true with term, the majority dont pay out because most people live beyond their 65th birthday or whatever date they've set the term until.

How much premiums will be for both is very dependent on at what age you take a policy out at as well as things like sum insured etc.

Whole of life is really designed for fairly specific circumstances, the majority of us will have paid off our mortgage and not have dependent children etc once we get to a certain age and so there isnt as much need to have a policy that pays out £100,000 if you die at the age of 99

arron4irene

Hi I'm new to this - can anyone help me - I am 69 years old and looking for life cover - I do not smoke and I am quite fit. I just need enough to bury me and a little over. Thanks.

InsideInsurance

If your concern is burial costs then why not look at a burial plan? This way at least you are protected from inflation if you live another 40 years

kerry13238

You don't need a over 50s plan because your over 50. they are for people who can't get regular insurance if you are fit and healthy your better off going to a company called Vitality Life( formally the prudential), Zurich or Aegon.

you can also index it so the sum assured goes up every year along with the rate of inflation. The payments will go up every year as well but only at the rate of inflation.

You can also have it on a level term so the payments stay the same through out the policy.

Makes sure you get it put into trust as well. That way it can get paid out quicker.