Whole of Life

What is Whole of Life?

A Whole of Life policy is just what is says; cover for the whole of your life, as long as the premiums are kept up to date. There is no fixed term.


How does it work?

Premiums for Whole of Life policies are generally higher than term assurance and can increase every so often upon review by the life company. You can choose to pay premiums until death or for a specified period of time. Most Whole of Life policies are unit linked. This is where the life company uses your premium to buy units in a fund. The fund will be expected to increase in value over time, but this is not guaranteed. It may grow enough to pay your life assurance, but in the event it falls short, you may have to increase your premium.


What Michael Hannon Financial Services can do for you?

Michael Hannon Financial Services is a large independent brokerage company in Ireland and we deal with many of the major life companies in the State. This allows us to research the market for you and identify the most suitable product to meet your needs and financial objectives, through the companies listed on my terms of business letter.