Whole of Life Insurance For Seniors

How Whole of Life Insurance Works for Seniors

Guaranteed Payout on Death

Once your policy is in force and premiums are maintained, your beneficiaries receive a guaranteed lump sum when you pass away. This is useful for covering specific liabilities, funeral costs or leaving a financial legacy.

Premiums

Premiums are usually higher than term insurance, especially as age increases. There are two common premium types:

• Guaranteed premiums: Fixed and won’t change
• Reviewable premiums: Start lower but may increase over time.

Guaranteed premiums give better long-term budgeting certainty, which is particularly important for seniors on fixed incomes.

Underwriting and Medicals

Depending on your age, health and the amount of cover you want, insurers may ask health questions or request medical underwriting. Many Over 50s Life Insurance plans offer guaranteed acceptance with no medical questions – though these normally offer lower benefit amounts.

Senior Whole of Life Vs Other Life Insurance Options

Term Life Insurance, is the most common type of Life Insurance, with policies ending after a set term agreed between yourself and the insurer. This type of cover (and particularly Decreasing Term Insurance) is therefore often used to cover a debt with a fixed term, such as a repayment mortgage.

Senior Whole of Life Insurance policies are permanent, and will pay out in the event of your death, whenever that occurs. Because of this, Whole of Life Insurance tends to be more expensive than Term Insurance, but is an appealing option for those in their later years.

It can be tricky to know which policy is right for you. We help people from all walks of life secure the most suitable coverage for their needs. We’re a friendly bunch, so give us a call on 02084327333 to talk through your options. Plus, our advice is fee-free.

Alex Weir
Independent Protection Specialist

How Much Does Senior Whole of Life Insurance Cost?

Senior Whole of Life Assurance tends to be more expensive than Term Insurance due to the guaranteed payout. As long as you keep paying the premiums and don’t otherwise violate the terms of the policy, there’ll be a definite payout at the end of the policy (i.e. when you pass away). Insurers raise premiums to account for this assured risk.

Senior Whole of Life Insurance Calculator

The cost of your policy will depend on the sum you’re looking to insure. If you’re using it to cover funeral costs or small non-mortgage debts, this should be fairly easy. Simply get a quote from a funeral director for your funeral expenses or calculate the amount of debt you have and set your Whole of Life Insurance policy to match this.

Use our Whole of Life Insurance quote tool to calculate Senior Whole Life Cover premiums for your specific circumstances.

Compare Senior Whole of Life Quotes and Get Free Specialist Advice

As independent Life Insurance advisers, we’re on hand to answer any questions and provide guidance to ensure you can make an informed decision when considering Life Insurance.

If you’re looking for Whole of Life cover as part of estate and inheritance tax planning, the knowledge of our advisers could be invaluable in helping you and your beneficiaries mitigate any potential liability.

With so much to consider, and so much information to sift through, we’re here to help. We live and breathe insurance, and are ready to find you the right cover. Call 02084327333, email help@drewberry.co.uk, or compare quotes to get started.

Why Speak to Us?

When it comes to protecting yourself and your finances, you deserve first-class service. Here’s why you should talk to us:

• There’s no fee for our service
• We’re an award-winning independent insurance broker, working with the leading UK insurers
• You’ll speak to a dedicated specialist from start to finish
• 4101 and growing independent client reviews rating us at 4.92 / 5
• Claims support when you need it most
• We’re authorised and regulated by the Financial Conduct Authority. Find us on the financial services register.