Non-Profit Cover

Non-profit whole-of-life insurance is very similar to term insurance. The premiums that you pay each month are fixed and an agreed cash sum will be paid out in the event of your death. Like many whole-of-life policies you may not be required to pay premiums up until your death: often you will be able to stop paying premiums at sixty-five or eighty years of age, but still be covered whenever you die. Non-profit insurance is a variety of whole-of-life insurance that does not have any element of investment. This means that your monthly premiums will pay directly for the cover that you have agreed and there will be no investment profits added to the sum assured (the money paid to your survivors when you die).