Many people think that, in today’s world, the only life insurance refund you will get from your policy is when you die. However, while most life insurance policies only pay on the death of the insured, or on the diagnosis of a terminal illness, a few insurers do offer a life insurance refund policy which pays after a certain length of time.
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NobleOak Direct Life Insurance
Protect your family with Life Insurance and pay on average 20%* less when compared with other insurers. T & Cs apply. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.
Of course, if 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.
Life insurance refunds
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 life insurance refund on premiums in the event that you don’t die, then compare policies from a variety of life insurance companies and find the option that suits you best.