Whole of Life
A Whole of life policy is a life assurance plan that has no set term (it runs for the whole of your life).
A lump sum is payable on death. If you choose to include criticall illness cover it will also provide a lump sum on diagnosis of a named critical illness (specified in the Key Features Document of each provider).
Normally this type of policy is reviewed every ten years and the premiums, together with the level of life cover provided, will be adjusted to reflect the fact that the policyholder is ten years older.
The policy can be taken out on a single life basis or on a joint life first or second death basis.
Whole of life policies can provide life cover and Critical Illness cover and can be used for inheritance tax planning.