Whole of life insurance is probably not for most people. It’s expensive and it’s complicated. Even if you are minted, there are plenty of other less expensive investment alternatives outside of whole of life insurance. The costs are pretty high and the returns are relatively low. If you are knee-deep in assets, we’d recommend weighing anchor on the super yacht and heading for more lucrative seas (stay away from the tax havens though, Brexit is on the horizon and you’ll need every penny).
Term life insurance, on the other hand, is cheaper and offers much more flexibility. The average person does not have a plethora of investments to worry about. For most people, when they die, they simply want their debts to be paid, their funeral costs covered and their families and friends to be financially secure. For a relatively small amount each month, you can provide that security (and even invest the difference if you’ve recently been inspired by one of Martin Lewis’s musings.