Whole of life insurance is a type of insurance policy that pays put a lump sum upon your death, regardless of when this maybe. This differs from traditional life insurance products, as they only pay out in a specified term.
Understanding if you require Whole of Life or another form of life insurance, will depend upon your current circumstances and requirements. Whole of Life is not for everybody, therefore discussing you needs with a professional adviser from Compare Life Plans could assist in this process.
There is no reason for the policy not to pay out, if you have supplied everything you are required from the outset. Like any insurance policy, the insurer will require all the correct information to ensure the policy and any claim is valid.
Again, this will depend upon your existing circumstances, such as outstanding mortgage, dependants and budget. Whole of Life is traditionally more expensive than traditional life insurance, as it is designed to pay out on death of the life assured, rather than within a determined term.
By completing the few questions on the above form, Compare Life Plans can start the process of finding you the right policy. One of our professional advisers will then discuss your existing circumstances, to understand what level of cover and the most suitable products you require, for a premium that is in line with your budget.