Whole-of-life insurance is intended to provide cover that continues throughout your life, provided you keep to the policy's conditions and pay the required premiums. It is different from term insurance, which only covers a chosen number of years.
This page helps you understand what a whole-of-life quotation involves and which factors affect cost. There is no instant insurer premium calculator on this page. Ask our advisers for a personalised whole-of-life illustration so you can compare actual policy terms, rather than relying on an unsupported estimate.
How does a whole-of-life insurance calculator work?
A reliable whole-of-life price requires information about the specific contract and underwriting. Insurers differ on the available cover, guaranteed or reviewable premium structures, health questions, age limits and conditions. An online figure without those details is at best a broad illustration, not a guaranteed quote.
Why might somebody choose whole-of-life cover?
- A lifelong protection need: for example a planned financial gift on death, subject to affordability.
- Inheritance and estate planning: where a policy may contribute towards an expected liability, though legal and tax advice may be required and outcomes cannot be guaranteed.
- Funeral or other foreseeable expenses: when someone wants a potential lump sum for beneficiaries, rather than a fixed-period mortgage protection benefit.
Guaranteed versus reviewable premiums
Read the premium terms closely. On some whole-of-life policies, premiums and benefits are guaranteed under the contractual terms. On reviewable policies, premiums or benefits can change following policy reviews. It matters whether premiums remain affordable if the policy runs into older age. Ask for a clear illustration of what is and is not guaranteed.
How much cover could you need?
The answer depends on the financial purpose, existing assets, other life cover and who will receive the money. Do not simply use the value of an estate or a possible inheritance-tax calculation as the insured amount without professional advice. For help planning family protection, see how much life insurance do I need? and putting life insurance in trust.
Whole-of-life versus term life insurance
Term life insurance protects you for a stated period. If no covered claim occurs in that period, the policy normally ends without paying a benefit or building cash value. Whole-of-life is designed to continue for life, provided you meet the policy terms; it is usually inappropriate to compare prices without also looking at the completely different durations and premium obligations.
What about over-50s plans?
Guaranteed-acceptance over-50s plans are one type of product but should not be confused with fully underwritten whole-of-life protection. They often have smaller benefits and may include a waiting period for death from natural causes. Total premiums paid can exceed the benefit if you live for long enough. Read our life insurance over 50 guide for the main distinctions.
How to obtain a meaningful quotation
A useful quote will clarify the benefit amount, premiums and whether they can change, underwriting requirements, what happens if premiums stop, potential surrender value (if any), and who should receive the proceeds. Contact Discount Life Cover to discuss a whole-of-life quotation with an experienced adviser. For ordinary level or decreasing term insurance, use our separate term life quote request.
Discount Life Cover is a trading style of My Key Finance Ltd, authorised and regulated by the FCA (FRN 628996). Information is general and is not a personal recommendation.