With life insurance, it's important to have a long-term plan in place. It's not just about securing cover for the present; it's about planning for the future and ensuring that your family/loved one's needs are taken care of even after you're gone. But can you get life insurance for your lifetime, and if so, how?

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Can you get lifelong life insurance?

It's possible to get lifelong life insurance cover. This can be done through taking out a whole of life policy (also known as life assurance).

With this type of cover, there is a guaranteed payout when you die so long as you continue to pay the monthly premium. This could cover costs such as funeral expenses, a mortgage and other living costs.

It does tend to be more expensive than other types of life insurance because of the guaranteed pay out. However, it can be ideal for those who want the assurance that their family/loved ones will be looked after even when they're gone.

With this kind of policy, it’s important to note that you could end up paying more in premiums than the policy is worth. For this reason, we’d recommend speaking to an expert insurance adviser to set up the right plan for you.

You can speak to our team on 01392 436 193 (Monday - Friday 9am - 5.30pm)

How does whole life insurance work?

Once you take out a policy, you're required to pay a monthly premium to the insurer. The amount will depend on your age and health when you take out the policy, as well as other factors such as family medical history.

Upon your death, following a successful claim, the insurer pays out a cash lump sum to your beneficiaries. This amount will be fixed, and won't decrease in value over time 

The advantage of a whole life insurance plan is that you know how much your family/loved ones will receive when you die, regardless of how long you live. This can provide financial security and peace of mind.

There are two main types of whole life cover:

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Standard whole life cover

Standard whole life cover has no cash value or investment aspect. This means that the amount your family/loved ones receive when you die will be fixed, and it won't increase in value, unless you choose to add on indexation. Learn more about indexation.

It can be a good option for those who want the security of knowing their loved ones will receive something after they pass away, but don't want to invest in a more complex policy.

Unit-Linked whole life cover

Unit-Linked whole life cover is an alternative that offers a more investment-oriented approach. With this type of policy, your premiums are invested in a range of funds that can help you grow your money. Unfortunately, Cavendish Online is not authorised to discuss this product with you.

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.

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.

How much does whole life insurance cost?

In general, the cost of life insurance is based on several factors including:

The cost of a whole life policy will depend on these factors, as well as the type of cover you choose. Generally, the younger and healthier you are when taking out the policy, the lower your premiums will be.

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Alternatives to whole life insurance

If you're looking for life insurance but don't feel that a whole life policy is right for you, there are other options to consider. These include:

Term life Insurance

This type of policy covers you for a set period of time (e.g. 10 years) and pays out if you die during the term of the policy. It usually comes with lower premiums than a whole life plan, since it will eventually end and provide no payout if you survive. 

There are 3 levels of term life cover:

  • Level term – Premiums and death benefit are fixed for the duration of the term
     

  • Decreasing term – Premiums remain fixed, but the benefit decreases over time
     

  • Increasing term – Both the premium and benefit increases over time

Over 50s life insurance

This type of policy is designed to provide cover to those aged 50 or over. This tends to be more expensive than other types of cover, but offers the assurance that your family and/or loved ones  will receive a pay out when you die.

This policy has a guaranteed acceptance rate, so it’s ideal for anyone who has struggled to get standard cover. However, because of this guaranteed acceptance, Over 50s policies tend to offer a lower amount of cover when compared to term insurance. 

Critical illness Cover

Critical illness cover pays out a lump sum if you're diagnosed with a critical illness (as covered by your plan’s Ts&Cs). This can include certain types of cancer, strokes or heart attack. This type of policy can help to cover the costs of treatment or make life easier if you need to take time off work.

Family income benefit

If you're looking for a way to protect your family financially if something happens to you, then you may want to consider family income benefit. This type of insurance pays out a regular income over time if the policyholder dies during that period. This can help to ensure that your family's financial security is maintained, and may be easier than managing a large lump sum.

What happens if you can't pay your life insurance?

If you’re unable to pay your life insurance premiums, there are a few options available to you. Depending on the type of policy you have, you may be able to have the premiums deferred or reduced. If not, it’s important to contact your insurer as soon as possible. They will be able to advise you on suitable options for paying off any arrears.

If you are facing financial difficulties and can no longer afford your premiums, please contact your insurer as soon as possible to stop the plan from lapsing automatically. They may have a scheme that allows you to keep the cover.

For more information on your options, please get in touch with one of our experienced advisers.

Speak to the experts...

Give our advisers a call today.

Our team of friendly and professional advisers are on hand to help with any questions you may have regarding Life Insurance.

The advisers can also make recommendations tailored to your current situation and will research the market on your behalf, ensuring you secure the cover you need and supporting you every step of the way. 


01392 43 61 93(Monday to Friday, 9am - 5.30pm)

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