Real Term Life Cover pays a Benefit Amount to your beneficiaries if you pass away or suffer a terminal illness during the cover period (terminal illness is subject to a 12-month waiting period). Your policy doesn’t have a cash value and cannot be redeemed for cash.
However, Real Term Life Cover comes with a guaranteed cash payout when your cover expires and the Life Insurance Benefit ends. This means:
Your protection continues for another 10 years with our Final Expenses Benefit. This benefit is equal to 20% of your Life Insurance Benefit and is at no additional cost to you
After this time (or if you pass away during this time) you or your family will receive your Final Expenses Benefit in full
Or for greater flexibility, at any time during this 10-year period, you can choose to cash out half of the Final Expenses Benefit and end your Policy
Note: If your cover ends prior to the expiry of your Life Insurance Benefit, you will not be eligible for the Final Expenses Benefit or the guaranteed cash payout.