The monthly and annual premium amount remains the same throughout the policy and is paid off to the insured in case of his death.
Certain plans offer a cash back option after an initial period should you decide you no longer wish to continue with cover.
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.
The plan will cover the inheritance tax on your assets that your family will be accountable for in case of your death.
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).
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.
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.
This varies from one insurer to another, so carefully read and understand the features, benefits, terms, and conditions.
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.
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.
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.
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.
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.
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.
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.
Comparing the best whole life insurance policy can be challenging. Here are some tips to get the best one:
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.
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.
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
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 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.
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.
What is Medical 2nd Opinion Service?
Historical illness assessments by major medical advisors are available. This also applies to future diseases.
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.
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.
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