Compare Whole of Life Assurance (Insurance)

We compare Whole of Life Assurance (Insurance) online

Our results table clearly shows the monthly premiums from leading insurers all at once.

Policy differences are highlighted using ticks and crosses against additional features such as whether the policy provides cover during the application process, pays out early in the event of a terminal illness, or provides additional benefits such as bereavement counselling as part of the policy.

About Whole of Life Assurance (Insurance)

Whole of Life Assurance (insurance) is the only type of life cover that will guarantee to pay a lump sum on your death. This is because it is the only type of policy that guarantees to remain in force (providing you continue to pay the premiums) for the rest of your life.

Premiums for Whole of Life Assurance are higher than Term Insurance for the same amount of life cover because the price is calculated not just on the amount of cover, but also on the term of the cover and the likelihood it will be paid out.

As Whole of Life Assurance is certain to pay out, the premiums are higher to reflect this.

Whole of Life Insurance or Assurance?

The word "assurance" is used for policies that are guaranteed to pay-out provided the premiums are paid. The only type of policy that fits this strict definition is Whole of Life Assurance as this continues until you die, whenever this maybe - so to call it "Whole of Life Insurance" is technically incorrect!.

The word insurance is used for policies which will pay-out only in certain circumstances, which means if you die during the policy term. If you outlive the term there is no pay-out (like a car insurance that only pays out on an accident or theft).

Uses for Whole of Life Assurance

1.) Providing your loved one(s) with a lump sum on your death

2.) Providing a lump sum to pay for your funeral and to pay off loans.

3.) Providing a lump sum to pay an Inheritance Tax bill

Frequently asked questions about Whole of Life Assurance

• Two single life policies, or one joint life policy?


The cost of two single life policies is usually only slightly higher than the premium for one joint life policy, but could result in the policy paying out double the sum assured.

Let’s take an example, say Jack and Jill, both 45 years of age, (non-smokers) wanting to protect their families with £50,000 of life insurance for the rest of their lives.

A Joint policy would be £49.80 per month and 2 Single Life policies would total £51.87 per month, a difference of roughly 5% in the premium.

But what happens if there is a death? The examples below illustrate the options.

Joint Life Policy

Example 1:



The joint life policy would pay out £50,000, but then finish leaving Jill with no life cover.

Example 2:



In the most tragic of circumstances if both Jack and Jill died together, say in an accident, then their dependants would receive £50,000.


Two Single Life Policies

Example 1:



On Jack's death, his policy would pay out £50,000 but Jill's policy would continue to provide cover. Jill's policy would then pay out £50,000 on her death. A total payout of £100,000 between them.

Example 2:



If both lives were to tragically die together, both policies would pay out £50,000 each, totalling £100,000.

It's usually worth pricing 2 Single Life policies just to check the difference vs. the Joint Life policy.
• Joint Life - First Death, or Second Death?


For joint life policies you need to decide if the pay-out will be made when the first of the two lives dies, or the second.

Let’s take an example, Andrew and Susan, both aged 45 years of age, are insuring their lives for £50,000 for the rest of their lives.

They can set the plan up so the £50,000 is triggered when either Andrew or Susan dies, this is called First Death, or they can set the plan up so the £50,000 is triggered when both Andrew and Susan have died, this is called Second Death:

In this example the Joint Life – First Death premium would be £49.80p.m. and the Joint Life – Second Death premium would be £23.02p.m. A rule of thumb is that second death policies would be around half the price of first death policies, but this is subject to the lives being roughly the same age. Matching two individuals of significantly different ages can produce wider differences in premium.
• The effect of life expectancy


Life expectancy differs for males and females and also depends upon whether you smoke.

Typically males are living to the age of around 87 years if they are non-smokers. Male smokers can expect to live to around 82, a difference of around 5 years less.

Females can expect to live a little longer to around 91, 4 years longer than their equivalent male, but again female smokers live to around 84, a reduction of 7 years.

When insurers rate life insurance they price the risk based upon your sex, smoking status and whether there is any current medical condition that may shorten your life from the average.

But from 21st December 2012 this difference will be abolished by an EU Treaty that requires ‘the progressive elimination of inequality between the sexes’. This will mean some big changes in pricing policy across a wide range of insurance products, but perhaps most notably on Whole of Life Assurance where the premiums genuinely are designed to last a lifetime.

Who will pay more and who will pay less as a result of gender equalisation?

Well it is likely female prices will rise and male prices will remain unchanged. This is down to the risk that large numbers of existing male customers might cancel and switch should new male premiums fall on a wide scale. This could destabilise the insurers if large numbers of male customers switch around en masse and therefore they are unlikely to incentivise this behaviour.