Whole Life Insurance

Whole life insurance is the simplest form of permanent life insurance. It features lifelong protection for you and your family, with guaranteed premiums, death benefit and cash value. While popular in the 1970s and 1980s, whole life insurance is no longer available in Australia. The most common and widely-used form of life insurance now is known as ‘term life insurance’.

Whole life insurance is characterised by:

  • Lifelong protection, unless you cancel the policy
  • Level premiums that don’t increase with age
  • A guaranteed death benefit
  • Guaranteed earnings (at a certain rate) that will increase the cash value each year
  • The possibility of dividend earnings, which can be withdrawn or used to increase the cash value of the policy or reduce premiums.

Whole life insurance premiums are initially more costly than term life premiums, but they are guaranteed to remain the same for the life of the policy, regardless of your age or changes to your health.

Upon your death, your beneficiary will receive at least the face amount of the whole life insurance policy. Alternatively, you can choose to withdraw the cash value of your policy, made up of dividends earnings, or even borrow against the cash value while keeping your policy active.

How can I get whole life insurance?

Nowadays, Australians have access to excellent, cost effective term life insurance that can meet all their risk protection needs throughout their life. This can be complemented with a wide range of savings and investment plans for their future financial security.

You can find out more about Suncorp’s term life insurance options by calling us on 1800 177 549. Or, if you’d like to quickly and easily arrange Suncorp Life Protect cover, simply request an online quote or complete our online application.

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Important Information

The information in this communication is current at August 2012 and may be subject to change from time to time without notice. Suncorp Life Protect is issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530, AFSL 229 880 (SLSL) under the Suncorp brand and is distributed by Suncorp Financial Services Pty Ltd ABN 50 010 844 621 (“SFS”), AFSL 229885. You should consider the Product Disclosure Statement (PDS) for the Suncorp Life Protect product before making any decisions about whether to acquire this product. The PDS is available here.Information provided in this communication in relation to the Suncorp Life Protect is general advice only. It has been prepared without taking into account your personal financial objectives, situation or needs. You should consider obtaining independent financial advice before making a decision about acquiring this product. SLSL is a subsidiary of Suncorp Group Limited ABN 66 145 290 124 (Suncorp Group). The obligations of SLSL are not guaranteed by any other company in the Suncorp Group. From time to time we may provide you with information about our products and services. If you do not wish to receive any further information from us you can let us know by contacting us on 1800 177 549. 

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