Life Insurance Australia Wide
Life Insurance Australia Wide offers instant up-to-date access to the best value Life Insurance, Term Life Insurance, Whole Life Insurance and Insurance Life Insurance information, resources, products and services from a comprehensive range of Australia's leading and best known life insurance specialists.
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Fri, 21 August 2009
Term & Whole Life Insurance
Term & Whole Life Insurance
You get life insurance by buying a policy (a contract). When you do so, you join a risk sharing group. The company promises to pay, at the time of your death, a sum of money to the person or persons selected by you (the beneficiaries), who are named in the policy. This promise is given in return for your agreement to pay a sum of money (the premium) to the company over a specified period of time.
Term insurance offers protection that insures your family for a specified and finite period of time -- usually one, five, 10 or 20 years, or up to age 65. A term life insurance policy pays a benefit only if you die during the period covered by the policy. If you stop paying premiums, the life insurance stops. At the end of the term, the coverage ends, but it can be continued for another term if you have a "renewable" policy. Under such a policy, you will not have to provide evidence of insurability to renew the policy, but each time you renew, your premiums will be higher because you are older.
Whole life insurance (often referred to as straight life or permanent life) is protection that can be kept in force for as long as you live. By choosing to pay a premium that does not increase as you grow older, you average out the costs of your policy over your lifetime on a yearly basis. The "cash value" is an important feature of whole life insurance. This is a sum that increases over the years on a tax-deferred basis. If you cancel your policy, you can get the cash value in a lump sum. You pay taxes only if the cash value plus any policy dividends you may have received exceed the sum of the premiums you have paid. Most policies contain a table that enables you to tell how much cash value it has. You should consult your producer or company for further information.
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