If you outlive the term of the policy, the insurance expires and no benefits or rebates are paid. Premiums are based on your age when you take out the policy and the amount of insurance coverage. Whole life or permanent insurance provides protection for the rest of your life, and benefits are payable when you die. Whole life policies accumulate cash value. Premiums are based on payments spread over an average lifetime.
Endowment insurance combines life insurance with savings.
You pay premiums for a specified period, for a specified amount of coverage. If you die within the period, your beneficiary is paid the amount of the policy. If you are still alive at the end of the specified period, the benefits are payable to you. Various options may be included, at an additional cost, to vary the coverage or conditions of the policy. Disability Insurance Disability insurance provides protection if you become disabled through accident or illness.