WOL (Whole of Life)

In essence, Whole of Life insurance will always pay out, as it is guaranteed that the policy holder will die at some point.As you might expect, this type of cover is more expensive than other options. The monthly premiums that you pay are invested into life funds. 

You will often find that these types of policies are reviewable after a certain period, which may mean that you premiums increase or that you have to accept a cut in the level of cover provided. There are also different types of policies and ways that your money is invested and paid out.  Some will pay a set amount from the outset, whereas for others the amount paid out will depend on performance.

Contact an advisor