A whole-of-life policy will pay a lump sum when you die, whenever that is.
The size of the payout depends on your policy: with some policies, you can stop paying premiums once you reach a certain age, but with others you will have to continue making payments until you die.
If you set up the policy in a trust, payment will be made to the trustees of your estate to distribute to the beneficiaries of that trust, or the funds will be used to help cover the cost of inheritance tax.
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