The purpose of Term Life Insurance Cover is to provide a lump sum in the event of an insured individual’s death. Policies will also offer a terminal illness benefit, which provides an advancement of the death benefit in the event that the insured is unlikely to live for more than 12 months (conditions do apply).

This cover:

• is usually annually renewable with no cash or surrender value;
• typically provides a payment of lump-sum benefits;
• may be offered as an ordinary policy or via superannuation;
• is available up until the age of 65 and worldwide; and
• can provide premiums on a stepped or level basis.