Life Long Insurance


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Lifelong life insurance is designed to pay out a cash sum when you die whenever that maybe. This is quite different from a term life insurance that will only pay-out if you die during the term you choose at the beginning.

The technical term for lifelong insurance is whole of life assurance; the word assurance is used because you are assured to have a pay-out, provided that you keep paying the premiums.

Whole of Life assurance lasts for the whole of your life; it is the only type of life assurance that guarantees that you cannot outlive the term.

What’s Lifelong (Whole Life) Insurance For?

People buy life assurance for a variety of reasons, to repay a mortgage on death, to provide cash to help your partner raise your children, or simply to take care of your funeral expenses.

For many customers term life insurance can appear to be a waste of money as they don’t intend to die during the term. Whole of Life is fundamentally different as it will eventually pay-out.

Is Lifelong Insurance Value For Money?

Whole Life Assurance will pay-out if you die prematurely through accident or through a serious illness, but what if you lead a full and healthy life to a natural old age. By this time you will have enjoyed the “peace of mind” that life assurance protection will provide, but what do the financials look like?

Age At OutsetMonthly PremiumTotal Paid In By Age 84Amount Paid Out On Death Age 84Paid Out Less Premiums Paid Age 84
November 2013 (Source:

The table shows that the pay-out is always higher than the premiums paid in, but this doesn’t of course account for interest so isn’t a direct comparison with a savings or investment scheme but since savings plans don’t guarantee a cash pay-out at any time that’s not really the point.

You should bear in mind that there is nothing returned if you cancel early so buying and sticking with the plan really is the name of the game to get best value for money.