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Whole-of-life insurance policies 'have benefits'
Published: 11/10/2007 |
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A leading independent financial advisor is highlighting the benefits of whole-of-life insurance. Unlike term insurance, whole-of-life insurance promises to pay a certain amount to your relatives whenever you die. Because it has no fixed period of eligibility it is more costly than term insurance, but as Steve Wroe of Life Direct points out there are some clear advantages. He noted that "many people don't know that you can get guaranteed premiums on a whole of life policy these days" - marking a departure from previous years in which reviewable premiums often soared as the policy holder aged. With a guaranteed premium, policy holders can budget for a life time of payments without worrying about the risk of rising rates or, as with term insurance, the risk of being refused cover given changing circumstances. He stressed, however, that both types of policies have pros and cons and so customers should select a product based on their own personal circumstances. While older people seeking a guaranteed payment for funeral expenses or inheritance tax plans would be best advised to rely on a whole-of-life policy; younger policy-holders might benefit more from the affordable short-term protection that term insurance offers.  © Adfero Ltd |
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