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Whole of Life Assurance – How to Beat the House

whole of life assurance

Life insurance is a game of chance.

It’s like the Lotto, blackjack or poker.

You’re the punter. The insurance company is the house.

You make a wager (your premiums), the insurer offers the winnings (your sum insured).

With me so far?


So how do you win this bet….eh, you have to die.


When you strip down life insurance, your insurer is predicting you won’t die with your policy in force. Most of the cards are stacked in it’s favour. It has the big data to back up it’s prediction.

But there is one way to guarantee you win the game of life insurance and the insurer loses.

Buy whole life assurance instead of term life insurance.

Whole of  life assurance v term life insurance

So what’s the difference between whole of life assurance and term life insurance?

Let me explain.

Term life insurance

With term life insurance, you are insured for the term (length/years of your policy).

If you die within the term, your policy pays out. You win the game of life insurance because you paid in less than your insurer paid out in proceeds.

But if you outlive the term of your policy, the insurer wins the game because they keep your premiums without paying out one cent.

Here’s a practical example.

Sean, 35, buys a 40 year €250,000 term insurance policy. His premium is €50 per month.

  • Sean dies after 20 years. He has paid in €12,000, the insurer pays out €250,000, Sean is up €238,000
  • Sean lives for over 40 years. He has paid in €24,000, the insurer pays out €0. The insurer is up €24,000

The more eagle eyed among you will see the insurer also wins if Sean cancels his policy at any time. This is how the insurer wins most of the time. It’s rare to keep your policy for the whole term because your needs change over time.

Whole of life assurance

With whole of life assurance, you are assured of a payout if you die while your policy is in force. You cannot outlive the policy so the only way the insurer can win the game is if you cancel your policy.

If you buy a whole of life assurance policy and you keep up with the premiums, you are guaranteed to win the game of life insurance.

It’s that simple.

So why doesn’t everyone buy whole of life assurance?

Up until last week, it was impossible to buy whole life assurance if you were under 45 so that ruled out a huge segment of the market.

But one of my insurers has introduced what I think is the best whole life assurance policy in Ireland.

And you can buy it from age 18. Yes, the premiums are higher but you will never pay in more than the insurer will pay out.

You will never lose the game of life insurance.

Over to you…

I’ve been working on an in-depth review of the new whole of life assurance offering so stay tuned…(updated September 2019, life insurance with cashback)

…but if you can’t wait and are interested in knowing more , simply get in touch and I’ll run through the specifics with you.

The new policy has some, never before seen, benefits like if you pay in for more than 15 years, you can claim back up to 70% of your premiums!

Money back life insurance – it could be a game changer.

Read next : Whole life assurance that pays for itself

Nick McGowan | making life insurance easier

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