|
Suitable for lifetime protection of dependants |
|
Married couple in their 40's with 2 children at
school/university |
|
Married couple in their 50's? (Perhaps for estate
protection) |
|
Elderly couple past state pension age? (Perhaps for
estate protection or for burial costs?) |
|
As its name implies this plan has no fixed term,
although the payment of premiums may be limited to a particular term or
age. The policy pays out on death only although it does have a value if
cancelled after the first 2 years. |
|
The whole of life plan comes in a variety of forms, the
plan can be set up on a non profit basis where the death benefit is fixed
from the outset, or on a with profit basis with the value payable on death
being increased by the bonuses earned. As the plan acquires a surrender
value and the cover is permanent the premiums will be higher than for term
assurance. |
|
Another type of whole life plan is the
investment bond. This is a single premium non qualifying whole life
policy. |