Whole life insurance (also known as whole of life insurance and life assurance) is a life insurance policy that, as long as you continue paying premiums, is guaranteed to pay a benefit to your remaining family or beneficiaries on your death.

Unlike term life insurance which does not pay out unless you die during the term of the policy, whole life life insurance is guaranteed to pay benefit after you die.

whole life insurance plan

What is whole life insurance

Whole life insurance is a way of leaving a lump sum for your family or dependents when you die.  It may also be used in inheritance planning so that you do not leave a large tax bill for those who inherit your estate.  It may also be used to pay your funeral expenses.  Whole life insurance may be single cover, joint cover, or dual cover.

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Types of whole life insurance:

Whole life insurance is available as guaranteed whole of life insurance, reviewable life insurance, whole life insurance benefit purchased as part of a term life insurance policy, or as Section 72 life insurance.

There is a newer type of life insurance available, Royal London’s Life Changes Option,  which allows you to stop paying premiums after 15 years or more, and receive either a reduced payout on your death or receive a cashback payment at the time you stop paying premiums.  The proportion of cashback payment or reduced death benefit depends on the amount of payments you have made.

Reviewable Whole Life Insurance

Reviewable whole life insurance is a type of policy which has an investment element as a proportion of the life insurance element of your policy.  In this case, your premiums are not fixed.  You will be faced with a review of your cover periodically.

It is very important to note that if the investment portion is no longer sufficient to cover the cost of your whole life policy then you will be faced with increased premiums or a reduced level of pay out.  This may be later in life when alternative life insurance policies are much more expensive to purchase due to your age or any health issues you  may have developed.

Guaranteed Whole Life Insurance

Guaranteed whole life insurance is whole life insurance which pays a fixed amount when you die for a fixed monthly premium.  The amount of benefit paid when you die is fixed at the outset of the policy and so are the monthly premiums.  You must continue to pay premiums as long as you live for this protection to remain in place.  

This type of insurance can be used to leave a fixed amount to your family or beneficiaries when you die or could be used to pay for funeral expenses, depending on the amount of benefit you choose.  It pays a tax free lump sum on your death.

Term Life Insurance With Whole of Life Benefit

It is possible to combine a term life insurance policy with whole life insurance.  With this type of life insurance, you choose the term and amount of cover you require as a term life policy.  You can then add a whole of life benefit which pays a guaranteed fixed amount when you die, even if this is after the term life insurance policy has elapsed.  

You will need to continue paying premiums for the term of the term life policy but, generally, you will maintain your whole life cover after the term of the policy without paying any further premiums.  The amount you choose as whole life cover will be paid on your death, whenever this may be.

It is also possible to purchase term life insurance with a conversion option or guaranteed cover again which will allow to to convert your policy to a whole life policy or purchase a new whole life policy at the end of the term.

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Section 72 policy

Section 72 life insurance is a specific, tax deductible, form of life insurance that you can put in place in order to avoid your family or beneficiaries paying inheritance tax ( also known as capital acquisitions tax or capital gains tax ) on any bequest or assets which you leave them when you die.

This form of life insurance must be taken out by the person who is planning to leave the inheritance and the benefit must be used to pay inheritance tax.  

Inheritance tax can be relatively high in Ireland.  Although a spouse or civil partner is exempt from inheritance tax,  a son or daughter is not and inheritance tax is higher again for siblings, nieces/ nephews, or any friends to whom you may wish to leave an inheritance.  With rising house prices, leaving a family home, savings, or investments to your family members may leave them with a significant tax bill.  

Section 72 life insurance is a way of ensuring that anything you leave to your family or others will not be subject to inheritance tax.  If you wish a family member to stay in the family home, or maybe have a holiday home to leave to your children to share, Section 72 life insurance is a way to ensure that such an asset could remain in their possession.

Free life insurance in retirement

FBD life insurance allows you to pay for a term life insurance policy until you reach retirement age and include a whole life insurance benefit which continues to provide cover after the term ends and you no longer pay monthly premiums.

Life insurance in Ireland is cover for the unexpected and has many uses.

Types of whole life cover

Single life whole life insurance

Single life whole life insurance covers the life of the policyholder only.  When benefit has been paid on their death the policy will cease.

Joint life whole life insurance

Joint life whole life insurance covers the life of two policyholders and pays out on the death of one of the policyholders, usually on the first death.

Dual life whole of life insurance

Dual life whole life insurance pays a lump sum on the death or both of the policyholders.  It will pay a benefit on the death of the first policyholder, then cover will continue and it will pay out another benefit on the death of the second policyholder.

Our Process

We make the life insurance process as simple and streamlined as possible, and that’s one of the reasons we’re maintain a 5★ rating from our customers!


The first step is to take a few moments and fill out our interactive life insurance assessment form.


Your assessment is sent directly to a life insurance expert. They will review your data, get your quotes and schedule a call with you to discuss your options.


Your life insurance advisor will talk you through the pros and cons of each policy. Once you have decided which policy you would, your advisor will submit your application on your behalf.

How much is Whole life insurance

The premium you pay for whole life insurance depends on a number of factors:


Your age on taking out the policy will affect how much you pay for whole life insurance.


If you have current or historic health issues, these will affect how much you pay for whole life insurance.


If you have smoked or vaped in the last twelve months, you will pay an increased premium for whole life insurance.


If your job or hobbies are considered higher risk, this will be reflected in your whole life premium.

Amount of Cover

The amount of benefit you wish to receive will affect the premium you pay for whole life insurance.

Value of Inheritance / Assets

The value of the inheritance you are planning to leave your family will affect their inheritance tax liability, and the premium for your Section 72 whole life insurance policy.  However, this may be tax deductible.

Who offers Whole Life insurance

When choosing a whole of life insurance policy, it is important to consider the following providers:

Find the best whole life insurance Quote today

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Our team of Qualified Financial Advisors will find the best possible quote to cover you and your family. 

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