Cash Back Life Insurance Cover
What is Cash Back Life Cover? It is life Insurance providing financial protection, with a premium return option after 20 years. Although not an investment product, it is great for dedicated savings and an ideal funeral plan.
Financial protection for your loved ones
Your family will get a lump sum payment if you die. Or if you’re diagnosed with a terminal illness (with death likely within 12 months) you’ll get an early payout of your insurance to make life a little easier.
Optional refund of premiums
After six years you can choose to stop your cover and get a partial return of your premiums. Or if you don’t make a claim after 20 years your insurance cover automatically stops and you’ll get a 100% refund of your premiums.
Fixed premiums, making it easier to budget
What’s more, with premiums fixed throughout the term of your cover, you’ll have extra certainty in knowing when and how much you pay every time. NB, the cover can be inflation-proofed by taking the CPI adjusted option.
Premium Return
If the life insured survives 20 years, all premiums are returned at the end of the 20 year term. This provides a lump sum that can be put aside for when it is needed.
There is no premium return option prior to the 5th policy anniversary date. The premium return option includes all Life Cover premiums and optional Waiver of Premium, including GST. When the Premium Return is paid the policy will be terminated. The refund value will be a percentage of the actual premiums paid on the policy anniversary date of:
Year 5 = 25% of total premiums paid.
Year10 = 50% of total premiums paid.
Year15 = 75% of total premiums paid.
Year 20 = 100% of total premiums paid.
For more details about our new Cash Back Life Cover insurance just call us free on 0800 33 8020 or email us. We’d love to hear from you.