Whole of Life

This is life cover and will carry on forever until you die, unlike term cover where you choose the length of time you want the cover over. The cost of this cover tends to be higher as one day it will pay out, as long as you continue to pay the monthly premiums. This type of policy is often used to cover funeral costs, or Inheritance planning etc. The monthly premiums are usually reviewed after a certain period, often after 10 years, to see if they are still enough to pay for the cover, if not the premiums could increase.