Whole Life Assurance

Whole of life assurance policies give you protection for life. Unlike term assurance that only pays out if you die during the term of the policy, a whole of life assurance policy always pays out eventually.

With-profits whole life assurance

This type of policy guarantees to pay the sum assured on the death of the life assured at any time. The sum assured is increased annually by the addition of a bonus – called a reversionary bonus.Once added the bonuses permanently increase the basic guaranteed sum assured payable on death.

SURRENDER VALUE

Surrender values are available after premiums have been paid for a minimum period of three years. The calculation of surrender values depends on the Company’s calculation methods that are applicable at that time.

PAID UP VALUE

The policy may be converted into a paid up contract after premiums have been paid for a minimum period of three years. The Sum assured will reduce and all rider benefits will automatically lapse. The policy will continue to participate in profits.

AUTOMATIC PAID UP

In the event of non-payment of premium after three years’ premiums have been paid, this assurance will automatically be made paid up for a reduced sum assured and will continue to participate in profits.