What is Whole of Life?

A Whole of Life Assurance policy has no predetermined finish date as it finishes when you die - whenever that is. Then when you die, the pay out is either the guaranteed minimum sum insured, or the sum of the bonuses awarded annually to your policy together with a terminal bonus. (Please be aware that in recent times, some insurance companies have altered the traditional pattern of allocating bonuses - so please check carefully before you buy).

The value of the annual bonuses and terminal bonus will be determined by the investment performance of the Insurance Company and that, in turn, will be affected by investment conditions both in the UK and abroad.

As time goes by and more and more bonuses are attached to your policy, your policy becomes increasingly valuable. If you need cash, this value can be unlocked by surrendering the policy to the Insurance Company. You would need to contact the Insurance Company and they would provide a figure for the surrender value.

Please be aware that Whole of Life policies are classified by the Financial Services Authority as an investment product and, as such, can only be sold by a qualified and registered Financial Adviser. The Financial Adviser would be required to conduct an exhaustive financial Fact Find before making any recommendations to you. Therefore, you will be unable to buy a Whole of Life policy online.

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