Whole Life Cover Insurance


Rates last updated: 26 October 2021

Whole life cover insurance lasts a lifetime, that’s until you die whenever that maybe. This type of cover is very different from the much cheaper term life insurance that only lasts a set number of years that you choose at outset.

The problem with term life insurance is that it probably won’t payout as you probably won’t die during the term. Whole life cover insurance is guaranteed to payout (provided you pay the premiums due on time), as no matter how long you life the cover carries on until you die, even if you live as long as the oldest recorded human to live, that’s until 122 years of age!

The best way to ensure that you get the best deal on your whole life cover insurance is by using a comparison service online that uses all the main UK insurers.

What Affects The Cost Of Whole Life Cover Insurance?

There are only three main factors that affect the cost of whole life cover insurance and they are:

1. How much cover do you need?

Its simple, the more cover you buy the more the cover costs. But, hang on a minute, it isn’t that simple because insurance companies provide discounts for buying higher levels of cover and they usually come in banded thresholds. For example, buying £100,000 of cover isn’t double the price of two lots of £50,000 of cover, and particularly at the lower cover levels the premium difference can be significant for buying higher amounts. Consider the ready reckoner below for some ideas.

2. Do You Smoke?

Smoking can double your premiums for whole of life cover insurance so if you smoke now and give up, provided you haven’t suffered some other illness in the meantime it will be worth re-applying to gain a lower premium rate.

3. Are You Ill?

The best whole of life cover insurance rates are offered to those in a typical state of health for their age. This means that they assume that you haven’t got an illness that might shorten your life expectancy. Given that there’s not much you can do about your state of health in the short teem a good rule of thumb would be apply as soon as you can as an application to be underwritten costs nothing and you can always choose to defer an application later if you’re unhappy about an insurance companies attitude. On balance insurance companies are fair although they do suffer a bad press from time to time.

Table Of Indicative Monthly Premium Quotes For Whole Life Cover Insurance – Non-Smokers
Age 35£13.24£26.11£45.05£82.93£197.95£885.00
Age 40£15.31£31.11£54.38£100.90£242.16£1,047.00
Age 45£18.01£37.65£66.54£124.34£299.82£1,191.00
Age 50£18.80£44.00£74.95£147.90£364.18£1,322.00
Age 55£22.43£52.33£91.35£177.03£429.47£1,593.00
Age 60£27.40£60.34£108.82£205.77£500.18£2,032.00
Age 65£33.56£75.23£136.57£259.24£631.72£2,553.00
Age 70£42.72£97.36£177.78£338.63£827.04£3,288.00
Last Updated: 26 October 2021 (Source: PayingTooMuch.com)

Table Of Indicative Monthly Premium Quotes For Whole Life Cover Insurance - Smokers
Age 35£15.71£32.73£54.70£106.68£256.38£928.00
Age 40£18.25£38.21£66.85£126.35£304.78£1,142.00
Age 45£21.13£47.05£84.92£159.75£386.95£1,479.00
Age 50£24.58£55.67£94.35£186.70£463.75£1,625.00
Age 55£29.48£67.93£122.80£239.30£592.91£2,058.00
Age 60£37.23£85.50£155.70£296.09£722.37£2,661.00
Age 65£47.47£108.85£199.19£379.88£928.53£3,412.00
Age 70£60.08£139.34£255.99£487.85£1,197.71£4,495.00
Last Updated: 26 October 2021 (Source: PayingTooMuch.com)

In the end there’s no substitute for getting your own personal quotation and making an application to the best company for cover.