What is the Cost of a Whole Life Insurance Policy?

Whole of life cover is a form of life insurance that guarantees your beneficiaries receive a lump sum payout when you pass away – provided you stick to the terms of your plan.

It tends to be a more expensive option than term life insurance, mainly due to the fact that insurers know they have to make a payout at some point in time – not to mention the additional risks taken in providing this type of cover.

How much whole of life insurance costs does depend on a number of factors, which we’ll be discussing in this article:

What factors impact the cost?

What end payout you want your beneficiaries to receive will, to some extent, dictate the price of your policy. However, your personal circumstances also play a significant role in determining how much your whole life insurance will cost.

Some of the factors insurers consider when calculating how much your monthly premiums are include:

How does age impact the cost?

How old you are when you take out any type of life cover, whole life insurance included, is probably the most important factor in determining how much your policy is going to cost you.

From the outset of the policy, younger policyholders will pay lower premiums than older ones. The price to start a new policy increases as you age, there is a bigger drain on the cash value as a result of the rising mortality charges.

How much does a policy cost on average?

How much whole life insurance will cost you is determined by the factors discussed above, so it’s very much a case-by-case basis.

When you apply for a policy, you’ll usually be quoted how much you can expect to pay per month; how much you end up paying in total will of course depend on how old you are when you pass away.

How much does it cost per month?

It’s difficult to give an average monthly cost for whole of life insurance because, as already mentioned, there are so many factors such as age and other circumstances which play a role.

But, as an example, a healthy 30 year old individual could secure life cover for around £15 – £20 a month for a £150k end payout (note that the same applicant could get term cover for as little as £4 a month).

If the same individual applied for whole life cover 15 years later, regardless of whether they are still in good health at the age of 45, the monthly premiums are likely to rise to within the £35-40 a month realms.

Of course, this is just a rough example. If you want an accurate quote tailored to you and your circumstances, submit an enquiry and one of the expert advisors we work with will do all the work of finding you the best quote from every insurer in the UK and let you know the best policies to suit your needs.

The service we offer is free and there’s no obligation.

How to find affordable whole life insurance

The best way to ensure you get the most affordable and suitable whole of life insurance for your needs is to scour the entire market. This means you get the competitive deals from providers representing every sector of the insurance world.

While online comparison sites can be a good starting point, they often neglect to ask questions surrounding your personal circumstances – which, as we’ve established, play a key role in the cost of your whole life monthly premiums.

To avoid disappointment and ensure you get accurate, up-to-date quotes from the experts, contact us and we’ll refer you to one of the experts we work with.

All the insurance brokers we work with are independent financial advisors with access to insurance providers across the whole UK, so they are in the best place to be able to find the most competitively priced whole of life policies for you, no matter what your circumstances are.

Speak to an expert

To find the most competitive, suitable whole life insurance deals for your needs, get in touch. The experts we work with will take down your details, and provide you with a cost estimation of exactly what you can expect to pay for whole of life insurance.

You can either call us on 0808 189 0463, or contact us via our online form. We’ll match you with a whole of life insurance expert who will be able to provide you with accurate, real-time quotes, tailored to your particular needs and circumstances.

We offer whole-of-market comparison service, only work with accredited insurers, and we don’t charge a fee. And what’s more, you’re under absolutely no obligation after making an enquiry.