I'm just about to pay my last monthly premium on my Phoenix Whole Life policy.

ColimM

What happens next?

dunstonh

You have answered your question in your thread title as that is what happens next when you get to the end of the payment period.

ColimM

Thanks for the reply. Sorry to be obtuse. So, the policy just ends then.

35har1old

ColimM said:

Thanks for the reply. Sorry to be obtuse. So, the policy just ends then.

Are you sure it's coming to a end ?Does it not continue to end of life?

ColimM

Could do! Off to check through the documents. Thanks again.

Aretnap

A term policy would end on a set date, usually coinciding with the last payment (or a month after it). If you die after that date there is no payment. Essentially you make a bet on dying young - a bet that you should be thankful to have lost. 

A whole of life policy OTOH lasts the whole of your life (the clue is in the name) and will pay out whenever you die. Depending on the policy you might have to keep paying monthly premiums as long as you live, or the premiums might end after you have made a certain number of payments. 

So if you are correct that it's a whole life policy, the answer to your question is that at some point you die and your relatives collect some money. Hopefully they will have a long wait.

dunstonh

ColimM said:

Thanks for the reply. Sorry to be obtuse. So, the policy just ends then.

If its whole of life and you are hitting the final payment date, then the cover should continue.  You are just not paying a premium any more.

Some WOL plans require you to pay until the day you die.   Others have a maximum age where you retain benefit but no longer need to pay.   Some allow you to pay a set premium over a defined period and then stop paying and retain benefit.

So, as long as its not you stopping the premium (i.e. cancelling it) then the cover should continue.

ColimM

These seem to be the operative bits:

Product Name: Flexible Protection Plan v2b
Type of Policy:Regular Premium
                        Whole Life Unit-Linked

 Flexible Protection Plan v2b is a reviewable whole of life policy.

Not keen on the word 'reviewable'.

Many thanks to you all, for your replies. Much appreciated.

dunstonh

Not keen on the word 'reviewable'.

Reviewable means that the premiums are reviewed periodically.  Typically every 5 years after year 10 or 15.    Guaranteed means the premiums never change.

Product Name: Flexible Protection Plan v2b

Who was the original insurer before Phoenix? 

ColimM

Who was the original insurer before Phoenix? 

Royal Life.

ColimM

Royal Life. Last payment due 1.2.2025. (All Payments made)