How can I get 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- The possibility of dividend earnings, which can be withdrawn or used to increase the cash value of the policy or reduce premiums.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.