Whole of life insurance
Life insurance with no end date, which pays out whenever you die.
A whole of life policy has no fixed term: it pays the sum assured whenever death occurs, provided premiums are maintained. Because a pay-out is certain rather than possible, premiums are substantially higher than for term assurance, and some policies review premiums after an initial period. Whole of life cover is often used for inheritance tax planning, frequently alongside writing the policy in trust. Stopping premiums early can end the cover with little or no value returned, depending on the contract.
