Whole-of-life policies are designed to provide protection against a particular event (or events) throughout your life. They are used for savings and to provide insurance cover, although the balance of these two elements will vary from policy to policy.

Types of whole-of-life policy

Whole-of-life policies can work in different ways:

Your premiums buy units in one or more investment funds. The value of these units can go up or down in line with the investments that make up the fund, affecting the value that can be used to help pay for the costs of the life cover as the people covered get older. ReAssure’s unit-linked whole-of-life policies could be maximum cover or standard cover policies:

Maximum cover

Maximum cover policies allow you to get a higher amount of cover for a lower initial premium. The premium is lower because almost all of it is used to pay the actual costs of your cover during the current review period, with nothing held in reserve to help meet increasing costs in later years.

After 10 years a policy review takes place to work out the cost of your protection benefits up to the next review point, which is usually after another five years. It’s normally necessary to increase your premiums in order to keep the same level of cover. This is because your cover costs more as you get older and your policy is unlikely to have built up any surplus funds to help with the increasing costs.

However, any changes in your health aren’t taken into account when working out the cost of your cover, as long as your premiums are maintained. This means that even though your premiums are increasing, the premium for a new policy could be even higher, depending on your health.

Standard cover

Standard cover policies start with a higher premium, but aim to maintain a more level premium throughout the life of your policy. The aim of the higher premiums is to build a value in your choice of investment funds. This is used to help meet the increasing costs of your protection benefits in later years, reducing the need for your premiums to increase.

The level of growth achieved by this investment element cannot be guaranteed though, so your premiums may still need to increase to keep the same level of cover. This is particularly likely once you reach age 65 (which is when life cover costs start to rise sharply), or once the value of your investment funds has been used up.

Premiums are invested in a with-profits fund, together with the savings of other policyholders.  Bonuses are then added to the policy, depending on how the investments in the with-profits fund perform. There is no guarantee that a bonus will be applied each year, but once a bonus has been given, it is guaranteed. These bonds normally have a minimum final value (known as the sum assured) which is added to any bonuses due when a claim is made.

 

These pay out a guaranteed amount in the event of a successful claim.

Manage your policy

To give you the right options please select your original policy provider below

Fund prices

Money paid into the policy buys units in one or more investment funds. The value of these units can go up or down in line with the investments that make up the fund, affecting the final value when money is taken.

The easiest way to start searching for fund information is to look at your most recent annual statement and type in the name of one of your funds into the search box below. From this we’ll be able to show you funds that are only available to customers from your original policy provider and your fund type.

Please note that not all funds will be available for your particular policy, so you should look at your policy documents to find out what you can invest in. Remember if you look at the total charges for any of the funds, you may also have product charges too. You can find out about these from your policy documents.

The majority of our prices are shown online in pence (GBX) apart from former Alico funds which are shown in pounds (GBP).

The value of the units is not guaranteed and can go down as well as up.

Useful documents

Click here to access useful documents for ReAssure funds

Important information

The information made available on Morningstar’s tool is taken from a variety of sources and is for general information purposes only. The information has not been tailored to your particular circumstances and does not constitute a personal recommendation or financial advice.

If you need assistance in reviewing your investments, you should speak to a Financial Adviser. You can find a Financial Adviser in your area at unbiased.co.uk.

You should also read Morningstar’s general disclaimer here

Money paid into the policy is invested in a with-profits fund, together with the savings of other policyholders. Bonuses are then added to the policy, depending on how the investments in the with-profits fund perform. These bonds normally have a minimum final value (known as the sum assured) which is added to any bonuses due when money is taken.

There are three with-profits funds that ReAssure customers are invested in, the Guardian Assurance With-Profit Fund, the Windsor Life With-Profit fund and the National Mutual With-Profit fund and these can be invested in differently. If you’re not sure what kind of with-profits fund you’re invested in, you should look at your most recent annual statement or bonus notice.

Guardian Assurance
With-Profit Fund

National Mutual
With-Profit Fund

Windsor Life
With-Profit Fund

Making a claim

How to make a claim

Making a claim can be daunting, especially when you’re already going through a difficult time

Find out how to get in touch with one of our dedicated claims handlers, learn what information you’ll need before you call, and understand the steps in the claims process.