What is a Whole Life Insurance Policy:-

Whole of Life Insurance is a form of long term insurance. It provides a cash lump sum on death or policy maturity, whichever occurs first. As a combined investment and insurance policy it can provide protection for your family against the costs associated with terminal illness or death such as funeral expenses.
Cover is provided until the insured person reaches age 95, or upon the earlier death of the insured person.
Annual bonuses are added to the value of the sum insured each year. On maturity of the policy or death, the sum insured and the Annual Bonuses that have been added each year to the policy are paid. AMP currently also pays a Terminal Bonus when the insured person dies or the policy matures. However, Terminal bonuses are not guaranteed.