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Same Day Appointments
Let's get started today.
Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
We Can Search Thousands Of Whole Of Life Insurance Deals
The Journey to Protecting What Matters Most
Initial
Meeting
Let’s grab a coffee (or a Zoom). This is where we get to know you, your concerns, and your protection goals. Think of it as a relaxed chat to set you on the right path to financial security. You talk, we listen!
Personalised
Package
We’ll craft an insurance plan tailored to your needs, complete with all the suitable options. We’re like your personal insurance matchmaker, finding the best deal to make protecting what matter most easy.
We Do
The Rest
Leave the paperwork, provider chasing, and all the heavy lifting to us. All you need to do is sit back and relax while we make it happen behind the scenes. Our award-winning insurance team is available 7-days a week.
You Are
Covered!
Your new insurance is set up, and it’s time to pop the bubbly! Like all our 5-star customers, you are now financially protected should the worst happen.
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of whole-of-life insurance, make an appointment with one of our advisors today. We aim to make protecting your family as easy as possible.
Different Types of Whole Of Life Insurance
This type of policy will cover you throughout your life, rather than for a fixed term.
Whole of Life Insurance (sometimes called Whole of Life Assurance) policies tend to be more expensive than a standard life insurance plan, which only pays out if you die within a preset number of years.
Over 50’s Life Insurance, is a policy specially made for people aged 50 and above. It guarantees to pay out a lump sum when you die, which can be used to cover funeral costs, clear debts, or even leave as a gift to loved ones.
Here’s how it works:
Eligibility and age range: Most policies are available to UK residents aged between 50 and 80, although some have a more comprehensive age range.
Guaranteed acceptance: One of the main benefits of this type of cover is that it offers guaranteed acceptance – you don’t need to answer any medical questions or pass any health checks. Only age and smoking status.
Premiums: Premiums usually have to be paid monthly, and you’ll need to continue paying them until you die or until the policy ends (which could be when you reach a certain age). If you stop paying your premiums before death, your cover will end, and you won’t get anything back.
Fixed payout: Provided that you keep up with your premium payments, this policy guarantees that a cash sum will be paid out when you die. The amount of cover chosen at the start of the policy will always remain the same.
Cash value: This type of policy has no cash-in value at any time, and it has no surrender value either. If premiums are not maintained, the cover will cease, and no money will be paid out from the policy.
Payment term: You pay monthly for life or usually until your 90th birthday, whichever comes first. If you stop paying premiums before death, your cover stops and nothing is payable.
Overall, life insurance for people over 50 is a simple way to leave a cash lump sum to your loved ones when you die—whatever your age.
Whole Of Life Insurance covers only guaranteed premiums. This means your premiums are fixed, not reviewable, and will only increase if they’ve chosen inflation-linked cover.
Why Use Protex Financial For Whole Of Life Insurance?
Here at Protex Financial, we strive to focus only on you; this is why we can offer the best range of whole-of-life insurance advice with access to thousands of products the insurance market offers. Our whole of life insurance brokers can search thousands of products to ensure you are getting the most suitable deal you can possibly get.
The FCA, the Financial Conduct Authority, regulates our team at Protex Financial. This means everything we do is for you; we must offer you the leading and most suitable whole of life insurance policy, rates, and advice.
Frequently Asked Questions
Whole Life Insurance, also known as life assurance, offers financial protection for the entirety of a person’s life. It is an agreement that pays out to your family or estate when you die.
Both over-50s Life Insurance and Whole Life Insurance provide coverage for the rest of your life from the moment you take out the policy. However, you can obtain Whole Life Insurance at a younger age than 50.
Whole Life Insurance requires you to answer basic health and lifestyle questions before accessing cover, similar to Level Term Insurance.
In contrast, Over 50s Life Insurance offers guaranteed acceptance, making it suitable if you are older, suffer from ill health, or are a smoker, as no medical questionnaire is required.
As a result, Over 50s Life Insurance is typically more expensive than Whole of Life Insurance.
The reasons why the over 50s choose to take out a life insurance policy are:
- Peace of mind for your family.
- Pay off a mortgage.
- Repay credit cards and/or personal loans.
- Inheritance tax planning.
- Funeral costs.
With a Whole of Life Insurance policy, the day you take out your new insurance policy is the day you are covered, just like most life insurance policies. But with an Over 50’s Life Insurance policy, coverage usually begins immediately without the need for medical exams or health questions, offering guaranteed acceptance regardless of your health status. However, there may be an initial qualifying period, typically the first 1-2 years, during which the policy will only pay out the premiums paid or a smaller benefit if you pass away from natural causes. This makes Over 50’s Life Insurance an accessible option for those with health concerns or who are older, though it generally comes with higher premiums.
Whether Whole of Life Insurance is worth getting depends on your circumstances, financial goals, and personal preferences.
Advantages of Whole of Life Insurance
Lifetime Coverage: Whole of Life Insurance provides coverage for your entire life, ensuring that your beneficiaries will receive a payout no matter when you pass away, as long as premiums are paid.
Guaranteed Payout: This policy guarantees a lump sum payment to your beneficiaries upon your death, which can be used for funeral costs, paying off debts, or providing an inheritance.
Estate Planning: It can be an effective tool for estate planning, helping to cover inheritance taxes or provide liquidity to your estate, ensuring your heirs are not burdened with financial issues.
Fixed Premiums: Premiums are usually fixed, meaning they won’t increase over time, which can help with long-term budgeting and financial planning.
Disadvantages of Whole of Life Insurance
Higher Cost: Whole of Life Insurance is typically more expensive than term life insurance due to the guaranteed payout and the cash value component.
Complexity: The cash value and investment components can make these policies more complex to understand and manage than simpler term life insurance policies.
Commitment: You must commit to paying premiums for your entire life or until the policy’s specified age. If you stop paying premiums, the policy may lapse or become unaffordable.
Opportunity Cost: The higher premiums might mean less money available for other investments or savings opportunities that could yield higher returns.
Yes, you can get insurance even if you have pre-existing medical conditions, although there are many things to think about and steps that you may need to take.
Underwriting Process: Insurers evaluate your health by underwriting, which can involve filling out a medical questionnaire or even taking a medical examination; the amount charged as a premium and the extent of coverage available are based on the severity and type of disease identified during this stage.
Possible Outcomes: Depending on what kind of illness someone has, they might be subjected to paying more money each month than healthy individuals would or they could be barred from benefits altogether; still, many companies offer policies specifically designed for people with bad health.
Many things determine the cost of a whole of life insurance benefit policy, it is personal to you and your situation. These are:
Age
Health
Lifestyle (smoking, job, hobbies etc.)
Period to be covered (policy term)
Amount of money given as an income (sum insured)
Yes and no, it will depend on the type of whole-of-life insurance plan you decide to take.
A term insurance and whole-of-life policy can be in joint names, but a budget over 50s plan cannot. These will need to be in your sole names, with a set insurance amount for each.