Whole of Life Quotes
This website is dedicated to people who require Whole Life Quotes and will cover all areas of what you need to know about this type of policy. We will break it down into understandable information so you can then decide if you want a whole of life policy or if you simply just want to check our prices then please get your whole of life quotes now and I am sure you will be surprised as we have made this one of the most competitive quote system in the market today.
Our aim is to give you the best and cheapest Whole of Life cover on the market and to give you enough information so you fully understand what to expect when you get a whole of life quote and the differences between the policies.
We will also share with you some useful information such as expected mortality rates and the cost of funerals so you have all the information to hand in one single place.
This site is designed to offer consumers whole of life quotes on a guaranteed basis and no element of your whole of life policy will include any form of investment.
Why do people need Whole of life?
We all know that one day we are unfortunately going to die and at this time we will have funeral costs to pay or the family will be left with an inheritance tax bill and this is the main two reasons people purchase these types of policies.
As we get older we all need some form of life cover and whole life policies is the most popular cover there is when you want the guarantee that the policy will pay out an amount of money known as death cover.
There are different features to whole of life policies and it is important that you understand these and we will explain these in more detail but first let’s look at some statistics.
Whole life Factors and Mortality rates
The UK life expectancy for males is now 78.1 years of age which is the highest it has ever been although there are some slight variations in regions within the UK and for females 82.1 years of age which was based on the last set of data available in 2010. The region variations to this are as follows
Males in Scotland can expect to live to 75.8 years of age, but if you are a male and life in England you can expect to live to 78.4 while males in Wales can expect to live until they are 77.5 and if you are a male and live in Northern Ireland you can expect to live to 77.
For Females it is still expected that you will live longer than males although the gap is decreasing and the regional statistics are as follows. Females that live in England can expect to live to 82.4, for females living in Scotland 80.3, Northern Ireland is 81.4 and finally females living in Wales can expect to live to 81.7 years of age.
As you can see by the average age people are living to is increasing more and more people will outlive the term they can expect to be insured under a term insurance policy and this is the reason that whole of life insurance is becoming more and more popular in the UK and is the number one policy for death cover.
Death Cover Costs
As we all know death comes at a cost whether it is funeral costs, inheritance tax costs or simply want to cover funeral costs and leave some money behind for your loved ones, but to get the correct amount of cover you first need to understand what your funeral costs will be which we will now discuss on general terms but if you wish specific things done at your funeral then you will have to increase the amount insured.
Firstly we need to understand that since 2004 funeral costs have risen by a staggering 74% and there is no indication yet that this is slowing but this may change in the future. This rise could also be attributed to more and more people having more than the basic funeral so please bear this in mind when you are deciding on the sum assured you may need. This equates to a 9.25% rise approx each year for the last 8 years so to be save we recommend you increase your sum assured today by 10% year on year based on the mortality rates to give you a guide on the sum assured you will need for the basic funeral costs alone.
Death Insurance Policy for Funeral Costs Alone
So know let’s look at the cost of a basic funeral in today’s terms and then you can see how much you will need your basic sum assured to be based on funeral costs alone.
The costs of a very basic funeral in the UK was £3,284 as of September 2012 and please remember this was very basic so if you want more than the basic then you will need to increase your sum insured.
So with this in mind what do you really want? 1 car, hearse, no flowers or wake?
These are the things you will need to consider if you want more than a basic funeral and you will also need to take into account the increase in funeral costs as a whole over the last 8 years.
So if you look at the mortality rates above and expect to live for a further 20 years based on these figures you could be looking at an increase of 185% of what a basic funeral costs in 2012 which would mean in 20 years a basic funeral would cost you £6075 and I suspect none of us want a basic funeral as our send off.
With this in mind for basic funeral costs in the future you now need to decide the amount of whole life cover you need for this purpose.
The need for a Will with whole of life
It is estimated that 29.5 million adults living in the UK do not have a will made which can cause huge problems if you die and we all should have one. These figures were produced in 2011 and there is nothing to suggest that they have changed drastically since then.
Most people think that making a will can be expensive but there is so much competition on the market today with people willing to prepare your will that the cost of making a will could be less than £100 which is money worth spending to be honest as the problems that your loved ones can encounter if you do not have a will can be daunting for them to say the least.
The other surprising statistic regarding wills is that the people who fall into the age bracket of over 55 one third of them do not have a will and if you fall into this bracket then I would recommend you do this without delay.
Getting your whole of life quotes is one thing but the next thing you need to consider is making your will which will help protect your family in their time of need.
Whole of Life Quotes what to look out for
This is a summary of what you need to look out for when getting your whole life quotes and is not an extensive list as we will cover this in more detail on a dedicated page.
The first question you need to take care with is do you smoke? Answer this truthfully as failing to give an honest answer could result in the whole of life policy no paying out when a claim is eventually made. If you do smoke presently it will cost you more for your cover but if you stop sometime in the future for more than 12 months then it will be worth getting another whole of life quote as the premium may be cheaper once you have stopped smoking for more than 12 months.
The next question that will affect your premium is whether you select guaranteed or reviewable premiums. If you select guaranteed then the premium you pay will never go up and generally costs slightly more in the beginning but if you select reviewable then the premiums can increase at the discretion of the insurer and you could end up paying a lot more than your original premium in the years ahead so please bear this in mind when you are getting your whole of life quotes.
The final one you need to understand at this point is the waiver of premium option which if selected yes will increase your premiums by a small amount each month but will pay your monthly premiums if you are unable to work thus giving you extra piece of mind. If you have already retired and this option is available then select no as you do not need this type of cover in retirement.
These are the 3 major questions you will be asked along with the sum assured you want when obtaining your whole life quote so please take care and answer them honestly.
Death in Service Cover do I still need whole of life policy?
Many of us have death in service cover through our employer which is great but as the amount of life cover can vary from employer to employer it is important you find out the exact amount of cover this offers you while you are employed by that company.
Death in Service does not transfer if you leave the employer and you will need to check with any new employer what their level of death cover is if they have any, so always bear this in mind and ask the question of your employer.
The next question any of us ask is do you really need a whole of life policy if you have a death in service policy and only you can answer this but here are a few things that you should consider when making this decision.
Is the level of death in service cover adequate for your needs?
Are you comfortable paying a bigger premium for your whole of life policy once you retire as the premium is very much related to your age at the inception of the whole life policy?
Can you be sure your health will still be as good as it is presently when you retire or decide to try to get whole of life quotes?
If you are comfortable answering yes to all these questions then it is probably not the right time for you to take out a whole of life policy but please speak with our advisor first to clarify these and any other points you may have and if you cannot answer yes to all these points then maybe you should consider getting your whole life quote now and then consider applying for a policy.
The choice is ultimately yours and we respect your decision but if you have any doubt then please speak with our advisors for further advice on the matter.
What can I expect once I have my whole life quotes?
Once you have your whole of life quotes you will be able to see which insurance company offers you the best quote for your circumstances and decide which one you want. You will then get a telephone call from an advisor to confirm your details and to complete an application form if you wish to proceed as we do not endorse non advised sales. The FCA have been looking into non advised sales and we endorse this even although the consumer sometimes would prefer to apply direct we do not offer this service through this website.
Getting Whole of Life Quotes Online
For people who want to find out just how much their policy will cost without feeling pressured then the best way to do this is to get your whole of life quotes online. You will find that many of the quote systems that you can use for this will offer you significantly cheaper premiums than you will find by contacting a Financial Advisor direct as most whole life insurance online quote systems include all the major insurance companies in the UK including aviva whole of life, legal and general and many of the other top companies so you can use these types of quote systems with confidence.
You will also find that many of these websites discount their commission which is another reason you can buy whole life insurance cheaper by simply using these quote systems so if you are looking for a cheap whole life insurance then use these quote systems today.
Buy whole life insurance
When buying whole life insurance the best place to do this is by using an online quote system as these types of quotes will generally return cheap whole life insurance policies which could save you thousands of pounds over the term of the policy.
Always ensure you get a whole of life insurance comparison and discuss this with the advisor before you purchase your whole life insurance policy and ensure they match the quote on the comparison you have got unless there is a factor that will alter the premium in which case it may be unavoidable to pay more.
Whole of life insurance policy
When you purchase your policy it will tell you how long you have to pay the premiums for and as long as you continue to pay the premiums until this date then your whole of life policies will become paid up. Once this happens keep the policy in a safe place and let someone know where it is so when the day arrives they can access it with ease thus allowing them to deal with things with as little or no stress at this time.
Whole of life Assurance
Many people call this type of insurance and some call it assurance but the right term is assurance because what you are insuring against is an event that is guaranteed to take place and this is the main difference from other insurance policies. If you think of your mortgage insurance it was there in case an event ever arose to protect you but with whole life insurance polices the insurer knows from the outset that the policy is guaranteed to pay out in the future.
Whole of life maximum cover
As many people will use these types of insurance policies for inheritance tax purposes they may feel that there is maximum cover allowed but this is not the case as most insurance companies will cover you for the amount of cover your require but the premiums will reflect the amount of cover you have chosen.
If you feel that the amount of cover you want is very high and may be too expensive it is always best to speak with your Financial Advisor who will be happy to discuss it in more detail and advise you accordingly. They may even sacrifice more commission to try and help with your premiums but there is no guarantee of this.
Frequently Asked Questions
How long have you been trading?
- We have been trading since 14/09/2007
How do we pay for the advice?
- We receive commissions from the provider for arranging the policy and this will clearly be displayed to you the client
Can I change my mind?
- Yes you can change your mind at any time but what you must remember is that most whole life policies do not carry a surrender value so you will not receive anything back if you surrender the policy in the future.
Do you share our information?
- We only share your information with the relevant organizations such as the insurance company to set up your policy and the FCA if required and any law enforcement agencies if requested.
How do we pay for the whole life policy?
- A direct debit will be set up between you and the insurer to pay the policy each month. We do not hold client money or get involved in payments in any way.
If you have any other questions you would like us to answer then please send us an email and we will be happy to respond.