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Whole of Life Insurance Vs Term Life Insurance

Whole of Life Insurance Vs Term Life Insurance

 

It goes without saying that Life Insurance is an important policy worth having, for anyone of any age. In fact, some mortgage lenders require you to have life insurance when purchasing property, there are hundreds of life insurance products on the market, so it is prudent you get the right one for you.

 

 With different policies available, offering different benefits, it can be overwhelming to know whether to opt for whole life insurance or term life insurance to best suit your needs. 

Financial Foresight is a firm of Independent Financial Advisers, with over 37 years of experience advising individuals on various life insurance policies. Below we have provided an overview of two popular types of policies to help you get a better understanding of what might work for you. 

 

1.     Term Life Insurance

1.1 Term Life Insurance has a limited coverage period such as; 5 or 15 years. Once the policy term is up it is up to the policy owner to renew. This policy will only pay out if the policy owner’s death occurs within the policy terms agreement.

 

1.2 Term Life Insurance has no additional cash value – its only purpose is to ensure against the loss of life. 

 

1.3 When deciding on a life insurance policy there are various factors worth considering such as; age, family, funeral plans, children’s education, debts, etc. This may seem daunting but a knowledge financial adviser can help you make sense of it all!

 

2.     Whole Life Insurance

2.1 Whole Life Insurance tends to be a more expensive policy; however, you will find that this type of policy can be structured, so premiums don’t need to be paid beyond a certain age e.g. 85.

 

2.2 It offers the policy owner longer protection and it will pay out in the event of your death if you’ve kept up with payments.

 

Financial Foresight

If you would like further information on the above life insurance policies, feel free to get in touch! Book a free, no obligation life insurance consultation with our financial advisors today. We’d be happy to help! Give us a call on 028 9332 2822 or email smenabney@financialforesight.co.uk

IF YOU WOULD LIKE US TO WORK FOR YOU CLICK HERE TO FIND YOUR NEAREST OFFICE.