Your Guide to Whole of Life Insurance
Ensure a sense of security for your family
- By Paddy Compare
- 26 May 2023
Life Insurance can give you peace of mind and provide extra security for you and your family. This enables your beneficiaries to claim money in the event of your death. Buying life insurance can be puzzling - especially with most providers offering a range of policies.
There are 3 types of life insurance:
- Term life insurance
- Whole of life insurance
- Decreasing Term / Mortgage Protection life insurance
Looking for something which will cover you for your whole life? Consider a whole-of-life insurance.
With Paddy Compare, you can make an informed choice by choosing the best life insurance coverage in Ireland!
What is whole of life insurance?
Whole of life insurance is a life insurance plan that lasts for a whole lifetime and is not limited to a specific term. If you pass away this policy will provide a lump sum payment to your family. There are two types of policies in this:
- Standard whole of life insurance: The insurer sets a premium that's high enough to stay the same throughout the term of the policy. You get the same cover even as you get older.
- Maximum cover: In this case, your insurer will review your policy fairly regularly. If you're deemed more of a risk, they could ask you to pay higher premiums. Your premiums might stay the same, but the amount of coverage you get could reduce.
How does whole of life insurance work in Ireland?
Whole of life insurance is more expensive than a fixed-term policy because the insurer knows that it'll have to pay out eventually.
- You take out a policy and pay the insurer a premium. You may pay your premiums monthly, annually, or in a lump sum.
- The amount you pay gets invested on your behalf, and when you die your beneficiaries will get a payout.
- You might be able to add cover for certain illnesses, or for becoming disabled and unable to work, to your policy.
As you learn about whole of life insurance, consider checking out the essential coverage options that can be tailored to your needs:
- Terminal Illness Coverage
- Joint Life Insurance
- Over 50s Life Insurance
- Death-in-service Life Insurance
Difference between whole of life and term life insurance
| Whole of life insurance | Term life insurance |
|---|---|
| Whole of life insurance coverage does not have a fixed term and so covers you for life. | With term life insurance you are taking out a policy for a specific period of time. |
| If you pass away a lump sum payment will be paid to your family. | Benefits are paid only if you die during the term of the policy. |
| Guaranteed payout. | Only get a payout based on the terms of the policy. |
Is whole-of-life insurance suitable for your needs?
If you want a guaranteed payout, regardless of when you die, whole of life could be right for you.
This type of insurance is suitable for you if:
- You have assets that you wish to protect against inheritance tax.
- If you're between the age of 45 and 74.
To decide which type of Life Insurance is suitable for you, you should consider what is covered in life insurance and the factors that affect your life insurance policy.
Planning on buying whole of life insurance
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