If you're looking to buy whole life insurance, you may be wondering how long does this type of policy last? While it's true that the policy can last for the rest of your life, there are some reasons why this isn't the case for everyone. We'll look at how long cover can actually last for and what might affect the duration of your policy.

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How long does a whole of life policy last?

As the name might suggest, whole life insurance can last for the remainder of your life. Unlike term life insurance, the policy has no expiry date and will remain in place until you pass away. As long as you're covered at the time of your death, your insurer will issue a cash lump sum to your beneficiaries upon a successful claim.

Whole life insurance could provide permanent cover - so long as you continue to pay your monthly premiums. Whilst you are covered, you won't have to worry about having to look for a new policy or extending cover one as the policy progresses.

Why might your whole life insurance end?

Although whole life cover is intended to last for your remaining life, there can be some instances where your protection may be ended. This can include circumstances such as if:

  • You stop paying your premiums - if you continue to miss payments, your policy could lapse in which your insurer may choose to end your cover. If you are facing financial difficulty, please contact your insurer before cancelling your policy or letting it lapse. They may have options available, that means you don't have to lose the plan.
     

  • You cancel the policy - there may come a time when you feel you could no longer need cover. This could be because your needs have changed, or the premiums have become too expensive in which you could choose to cancel your policy.
     

  • You change the policy - you may decide that whole life insurance isn't suited to your needs. In which case you could choose to switch to a term life policy. Learn more about changing your policy

  • You cash in your policy* - some whole life policies have a cash value component that allows you to cash in the policy in exchange for a lump sum payment. This would effectively end your cover.
     

  • You withheld information on your application - if you withheld important information or provided false information on your application, your insurer may choose to void your policy. For example, if you have a serious health condition which you knew about but didn't disclose, this could give the insurer grounds to terminate your policy.

*Please note: The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums, your cover will stop, your policy will end, and you will receive no benefit. If you have not claimed before the end of your chosen policy term, the policy will end, and no benefit will be paid.

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When might term life insurance be a better option?

In some cases, you may find that term life insurance could be a more suitable option based on your circumstances. You might want to consider this type of policy if:

  • You want to be covered for a specific amount of time (i.e 5-50 years)
     

  • You only wish to cover specific debts like a mortgage (see decreasing term life insurance)
     

  • You want a policy with cheaper premiums
     

  • You want flexibility in the length of your cover

The needs of you and family and/or loved ones could change over time in both financial and personal circumstances. In these situations, term life insurance may be a better fit as it allows for more flexibility in coverage length and can be more cost-effective for shorter-term needs.

On the other hand, you may have term life insurance and could later realise that whole life insurance is a better option for you. For more information see: Whole Life Insurance vs Term Life Insurance.

Unsure about your options? We can help

We understand that life insurance can be a big commitment. That's why it's all the more important to have all the information you need to make an informed decision. At Cavendish Online, our advisers can offer tailored advice based on your circumstances.

When you buy with one of our advisers, we’ll automatically place you on an annual review scheme. We’ll get in touch every year to check that your policy is still adequate, and look into alternatives if it’s not. Speak to one of our advisers today to discuss your options.

You can get a get a free personalised quote with one of our expert advisers by calling us on

01392 436193

(Monday to Friday, 9am to 5.30pm)

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