Whole of Live Cover is designed to pay a cash lump sum upon the death of the person insured. There is no end date or “term” for this policy. The person insured is required to keep up the monthly premiums so it will stay in force and pay a lump sum to the surviving family or loved ones.
This insurance policy may sometimes be referred to as a funeral plan. Many people take one later on in life to cover their funeral expenses. This should not be confused with over 50’s plans as they are not the same thing. A Wjole of Life Policy may be taken out by most people who are under the age of 50.