Life Insurance – do I get a refund if I don’t die?
Many people think that, in
today’s world, the only refund you will get from
Life Insurance is when you die.
However, while most life
insurance policies only pay on the death of the
insured, or on diagnosis of a terminal illness, a few
companies do offer a refund policy which pays after a
certain length of time. Of course, if life insurance
policies were to provide a refund to every policyholder
who didn’t die, the premiums would be unaffordable, so
you can expect to pay a little more.
These ‘money-back’ term
policies will often refund a proportion of the
premiums after the policy has been held for a designated
period, then a greater proportion (sometimes as much as
100% of base premiums is refunded if the policy is held
for a full 10 year period), is paid at the expiry of the
policy term, on the provision that the insured does not
die and is not diagnosed with a terminal illness
during that time.
So, if you wish to hedge your
bets and ensure that you get a refund of your
life insurance premiums in the event that you don’t
die, speak to one of the xLife insurance adviser to
ensure that you have full access to the options
available..
Disclaimer
The information provided
is general in nature and does not take into account
your particular insurance objectives, financial situation
or investment needs. We recommend that you speak to
an xLife advisor or life insurance broker
before you make any decision regarding life insurance. |
