Whole Of Life Policies

What Is A Whole Of Life Policy?

A whole of life policy is an older style life insurance product, that provides a lump sum benefit at the policy expiry if a claim has not been paid during the time the policy has been in force.

The amount received back is the total premiums paid for over the years.

This policy is also known as a policy with a cash value.

Can I Still Purchase One In Australia?

Unfortunately not. Whole of Life policies were removed from the Australian marketplace in 2006 predominantly because they were very expensive and widely unpopular as a result.

Why Are They No Longer Offered?

By offering a policy with no cash value, the insurance companies are able to offer guaranteed renewable policies with an expiry age of 99.

This means you are offered protection for a longer period of time and do not have to apply each year to have your policy renewed, nor do you need to worry about a change in your health affecting your ability to claim on your insurance.

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