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The best way to get cheap whole life assurance is to shop around using a comparison website that compare whole life assurance, (not term life assurance that most sites try and sell you because its much cheaper but won’t last a lifetime).
Whole life assurance is set up to last a lifetime, that means until your death and is the only way to guaranteed a payout whenever you die.
Cheap whole life assurance can be obtained whether you are a smoker or a non-smoker although smokers can expect to pay more for their cover on the basis that statistically smokers don’t live as long as non-smokers. Interestingly however the smoker question only usually asks if you have used tobacco within the last 12 months so smokers that give up immediately get the non-smoker rate after 12 months even after a lifetime of smoking!
Cheap whole life assurance is not the same as Guaranteed Over 50s life assurance which tends to be sold by the banks and direct sellers on TV. These plans usually represent poor value for money unless you are very seriously ill, for example if you have just had a heart attack you won’t get underwritten cover for around 4 years after the attack.