Whole of life cover

What is Whole of Life Insurance?

A Whole of Life Cover plan is a life cover plan with no end date i.e it pays a lumpsum on your death, whenever that may be. This type of plan is commonly used to cover funeral costs or inheritance tax bills.

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Whole of life cover

Why choose a Guaranteed Whole of Life
Insurance plan?

Whole of life cover

Fixed Cost

The monthly and annual premium amount remains the same throughout the policy and is paid off to the insured in case of his death.

Whole of life cover

Cash Back Option

Certain plans offer a cash back option after an initial period should you decide you no longer wish to continue with cover.

Whole of life cover

Guaranteed Lump Sum payout

As the plan has no end date you know a lump is guaranteed to be paid on your death, provided you continue to pay the premiums.

Whole of life cover

Tax efficient

The plan will cover the inheritance tax on your assets that your family will be accountable for in case of your death.

Why Do You Need Whole Life Insurance in Ireland?

  • To Financially Protect Your Loved Ones if You Die

    It provides a Lump Sum payment to your family or loved ones when you die. Whole Life Insurance plans guarantee that your family will be protected financially if something tragic happens to you, whether that be tomorrow or at age 105(hopefully).

  • Flexible Plans with Cash In Option & Protected Benefit Option

    You can choose the whole life plan that suits you and your budget. You can include additional features for example:

    1. Cash In Option: After 15 years, you can choose to take an immediate cashback( you will receive 70% of all premiums you paid into your plan back as a cash payment), This can be a useful option in the event of an unforeseen financial emergency where funds are needed urgently.

    2. Protected Benefit: After 15 years, you can choose to stop your monthly payments and have a lower amount paid out. This means you pay no more premiums but have peace of mind that you still have some Life Insurance in place for the rest of your days. This option can be useful if you find you can no longer afford the cost of insurance but would still have to have some level of cover.

    3. Standard Cover: If you feel you just want basic Whole Life Insurance without the above-added extras you can just select a standard Whole of Life Insurance plan.

  • To Provide Certainty for Your Family

    We all know we are going to Die someday, the question is when? Whole Life Insurance plans stay with you until that day comes, leaving a really positive legacy for you and financial peace of mind for your family. You can decide who receives the death benefit. The Lump Sum payouts can be used to pay for funeral costs, Inheritance tax, or to just take care of your family when you are gone.

Things to Consider When Choosing Whole Life Insurance Quotes in Ireland

Benefits of the Policy

This varies from one insurer to another, so carefully read and understand the features, benefits, terms, and conditions.

Coverage You Need

The Level of cover you will have depends on various individual circumstances, such as your goals and what you want to achieve in the event of your death, your age, income, debts, and dependents.

Your Budget

The cost of Whole of Life Insurance will vary depending on your age, smoking status, and overall health. It is important that you are confident you can afford the cost of coverover. the long term. Speaking to a Financial Advisor can help as they can tailor a plan to match your circumstances and budget.

Benefits of Financial Life Whole Life Insurance Cover

  • Terminal Illness Benefit

    This feature means that if during the lifetime of your policy, you’re diagnosed with a terminal illness you could receive the full amount of your life cover straight away.

  • Premiums are Fixed

    Your monthly premium payments are fixed and will not increase. However, you can choose to increase your Life cover each year with an indexation benefit added. If you do, your premiums will increase along with your new cover amount.

  • Guaranteed Payout

    As long as you maintain your monthly payments, you have peace of mind knowing that your money is never being wasted as payout is guaranteed on your death no matter what age you die.

  • Quick and Easy Online Application Process

    It's quick and easy to complete the online application and secure a whole life insurance plan. The entire process can be completed without having to visit your nearest Financial Life office.

  • Expert Advice

    At Financial Life, we have a team of experienced CFP® Professionals, Qualified Financial Advisors, and Retirement Planning Advisors who are dedicated to helping you make informed decisions. Whether you are planning for retirement, seeking investment opportunities, or looking to protect your family’s financial security, our experts will work closely with you to develop a personalised financial strategy tailored to your unique goals and circumstances.

Compare Premiums from Ireland’s Leading Whole Life Insurance Providers

Comparing the best whole life insurance policy can be challenging. Here are some tips to get the best one:

Get Quotes from All Providers

We do all the research and get quotes from all the leading whole life insurance providers. We will get you the best deals on whole life insurance policies in Ireland.

Consider Your Requirements

How much whole life insurance you require will depend on the amount of cover you want. The premium for this will be based on your age, smoking status, overall health, and the amount cover you require. So plans should be compared based on your personal requirements.

Whole of Life Insurance VS Term Life Insurance

Be sure to assess if you really need Whole Life Insurance. In some cases a cheaper Term Life Insurance Plan will be more suitable. This is why it is important to seek Expert Advice

Thoroughly Read and Understand the Policy

Once you get quotes from different providers, thoroughly read and understand the terms and conditions to have a strong grasp on what is covered. We will provide you with a comparison of each provider.

Ask Questions and Raise Any Doubts or Concerns

Ask questions or raise concerns that you have about whole life insurance plans. It is important if you are unsure of any aspect of the policy that you speak up and ask the question. This will give you a better understanding and help secure the right policy that caters to your requirements.

Enjoy the Peace of Mind You Now Have

Once you have put your Whole Life Insurance in place, be sure to enjoy the peace of mind that comes with that moment. You have done something for the love of others so be proud of yourself!!


What if I Vape or Smoke?

Please be aware that vaping is now considered a nicotine replacement product, making it – ALL smokers.

Your entire life insurance premium will change in line with this.


Read more:

  1. 1. What Do You Mean by ‘Definition’ of the Illnesses?
  2. 2. What is the Best Time to Getting Serious Illness Protection?
  3. 3. What is ‘Best Doctors’?

What is Medical 2nd Opinion Service?

Historical illness assessments by major medical advisors are available. This also applies to future diseases.


Read more:

  1. 1. What if I Vape or Smoke?
  2. 2. What Makes Serious Illness Cover a Good Idea?
  3. 3. Who Requires Critical Illness Coverage and Serious Illness Coverage?

What is the Minimum Age for Buying Whole Of Life Insurance?

You can purchase a Whole of Life insurance coverage starting at the age of 18 and keep it until you turn 75.


Read more:

  1. 1. What is Medical 2nd Opinion Service?
  2. 2. What if I Vape or Smoke?
  3. 3. What Differentiates Accelerated Serious Illness Cover from Additional Serious Illness Cover?


What is Inheritance Tax?

When someone inherits money, property, or other assets like land after death, they must pay inheritance tax to the government. The individual who receives the asset is the one who must pay the 33% tax.

Wives, husbands, and civil partners who survive do not fall into this group. They are exempt from paying inheritance tax.

Your Whole of Life insurance can be used to partially offset any inheritance tax you may owe.

Never forget that we are here to help with any queries you may have about whole life insurance and inheritance tax.


Read more:

  1. 1. What is the Minimum Age for Buying Whole Of Life Insurance?
  2. 2. What is Medical 2nd Opinion Service?
  3. 3. What if I Vape or Smoke?

We compare the market to get you the best quote

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Repays mortgage if the insured dies or suffers a terminal illness.

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Life Insurance

Ensures the financial stability of the family if the insured dies.

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Life & Serious Illness cover

The insurance plan gives coverage against specific diseases.

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Income Protection

Ensures a regular income for the insured who is unable to work.

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Whole of Life cover

If you are looking for a life cover plan with a guaranteed payout then a Whole Of Life Cover Plan is just for you.

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