What type of policy provides a fixed amount of life cover for life in return for a fixed premium?

A guaranteed whole of life policy is designed to provide a fixed sum assured for the lifetime of the insured individual, as long as the premiums are paid. This type of policy guarantees a death benefit that will be paid out, irrespective of when the insured passes away, making it a valuable financial product for beneficiaries. The premiums remain constant throughout the life of the policy, offering predictability in financial planning.

This assurance is significant for individuals looking for long-term cover without the concern of renewal or changes to benefits that can occur with other types of life insurance policies. Unlike decreasing term assurance, which pays out a lesser amount as time goes on, or unit-linked whole of life policies, which are subject to market fluctuations and do not guarantee a specific payout, guaranteed whole of life ensures that the insured amount is stable and secure throughout the individual's life. Temporary assurance typically refers to policies that only cover a limited period, which doesn't align with the perpetual assurance provided by a guaranteed whole of life policy.