Whole of life insurance is a form of life insurance policy that is not linked to a mortgage term, instead paying out when the life insurance policy holder dies. Whole of life insurance is seen as a way of investing money for family members rather than just a way of managing risk. Whole of Life insurance is a more expensive form of life insurance than term insurance, which only pays out in the event of death during a mortgage term.

See also: Financial Services, Life Assurance