Whole of Life

Whole of life insurance provides cover for the payment of a lump sum on death of the life assured. If a non-profits policy is provided then the face value or sum assured will be fixed throughout the policy term. If a with profits policy is taken out then the sum assured may be increased by periodic bonus additions and a terminal bonus at the end or maturity of the policy.

If a policy is unit linked then the sum assured is limited to the value of the underlying units although often this type of policy also contains a minimum sum assured.