Whole of Life Insurance is a common insurance for people who want to have a small lump sum put aside for when they pass away. People look upon this to help their loved ones pay for any necessary costs for example funeral costs. Funeral costs can get quite expensive and loved ones would like to pay their respects in an appropriate manor.
It may be difficult for the person dedicated to organize it and then also having to pay for it, however with the lump sum from the Whole of Life Insurance this could be made that little bit less stressful. Obviously the money can be used for various different reasons however this is common purpose.
When setting up the Whole of Life Insurance cover, you could put the policy under trust in order for the money to reach the right person when you die. You will have to complete an application form to apply for the whole of life insurance however also when you wish to put the policy under trust. You should not consider putting Critical Illness Cover under trust as the proceeds from this comes direct to you.