Whole Life Insurance

If you are considering your life insurance options, then our team at Unity Life can help.

What is Whole Life Insurance?

You might have heard of insurance policies where the amount is paid out within a fixed time frame. Such policies differ from a whole life insurance policy, which guarantees that an amount will be paid out at the time of the policy holder’s death. Whole life insurance is often referred to as a whole of life assurance as it is a guarantee that the payout will be received upon death.

Whole life insurance works when your monthly or annually premiums contribute to both your policy and a separate investment. Our team will be more than happy to explain the complexities of such arrangements.

Better yet, at Unity Life, we offer free reviews of both existing and new policies, so you have nothing to lose by giving us a call today on 0203 475 1285.

Balanced vs Maximum

When taking out whole life insurance, it’s worth bearing in mind that there are two main types of cover available – balanced and maximum. A balanced policy comes with a premium set by the provider. Usually, the amount is set at a level that will allow it to remain the same for the duration of the policy. Balanced policies offer a fixed payout that is agreed in advance.

Maximum cover, on the other hand, usually starts out cheap as the majority of the premium you pay goes towards the policy. Typically, maximum cover policies are reviewed at set intervals, and if at any point you’re considered to be more of a risk, the premiums can increase. At Unity Life, our team are knowledgeable of such variations and are happy to discuss which option is right for you.

Get A Quote

A life insurance policy will give you peace of mind that your loved ones will be taken care of in the event of your death.  If are unsure as to which policy is right for you, speak to the friendly and helpful team at Unity Life. One call is all it takes to put you through to our team of independent advisors who will be happy to arrange a review either face-to-face or over the phone.

With 15 years of experience to call on, you can be certain that you’ll receive the best possible advice to help you make the right decision regarding your whole life insurance policy. While such a policy can be a little more expensive, it comes with the peace of mind you seek. What makes it even better is that the amount paid out can be used for any purpose you specify, from paying funeral expenses to covering mortgage payments or settling debts. It can even be left behind as a gift for your loved ones.

Cover starts from just £5 per month (10-year term based on a 28-year old, non-smoker), and your policy can be in place in just 15 minutes.

How Much Can You Expect to Receive?

At the payout stage of your policy, a tax-free lump sum will be paid to your beneficiaries. The amount will vary depending on the policy and whether or not you stopped paying once you reached a certain age or continued paying up until the time of your death. Please note that when your policy pays out, the amount received by your beneficiaries will be liable for inheritance tax.

Inheritance tax is set at 40% and is a charge levied against the total amount of an individual’s estate; it is owed only after the individual has died. To sidestep this entirely, you can write your whole life insurance policy “into trust”. Anything written “into trust” is separate from the estate and not subject to inheritance tax. With a trust in place, your beneficiaries will receive the full amount once it is paid out.

Choosing the Right Policy

When deciding on a whole life insurance policy, it’s always worth considering whether you require such a policy in the first place. We’ll look at factors, including limitations and exclusions, and ensure that you fully understand what you’re signing up for and that your loved ones will be fully covered.

As well as helping you select the right whole life insurance policy, we also offer other benefits too, including:

  • Honest Advice
  • No Fee for Reviewing Existing or New Policies
  • 15 Years of Experience
  • Face-to-Face and Phone Reviews
  • Fast and Efficient Service

We’ll review policies from a wide range of providers and narrow down the options, so you’re not overwhelmed by choices that aren’t right for you.

Contact Us Today

So, if you require more information about whole life insurance or would like to review the policies available to you, call Unity Life now.

You can reach us easily by giving us a call on 0203 475 1285.