Money Back Term Life
If you would like your premium refunded in full, a Money back term life policy will provide this after a 10-year term. If you pass away during the 10 year period, only the sum insured benefit amount is paid out. Note: Partial refunds are generally available if the policy is cancelled after 5 years from commencement. This type of policy is only available for life cover.
The premium and benefit amount under this policy will remain the same (level). This means that the premiums you pay today will be the same as in 10 years time! After the 10 year term, the policy can be altered to a term life policy (without money back).
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