Insights: Why whole of life is a necessary talking point
Advisers should turn clients' attention to whole of cover, because like it or not, it is a necessary conversation, writes Justin Taurog
Whole of life (WOL) cover is an insurance policy that pays out on death. It runs for the whole of someone's life and pays out a lump sum when they die, not if they die within a defined term. The two main types of WOL cover are fully underwritten and guaranteed acceptance policies. Underwritten policies are priced depending on age, health, lifestyle and someone's medical history, while guaranteed acceptance policies can base premiums on age and smoking status but do not take a person's medical...
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