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Our conventional products - Whole of Life Insurance and Endowment Insurance - offer combined long-term investment and insurance products.
Investments | Are combined long-term investment and insurance products |
Insurances |
Combined long-term and insurance products Insurance for customers at a level premium which continues until the policy matures. There may be optional insurance cover on the plan |
Child advancements (non-super policies only) | Child Advancement policies are written on the life of a child. The policies mature and transfer to the child on the plan anniversary occurring on or during the 12 months before the child's 21st birthday |
Premiums | You pay level premiums – this means the premium stays the same throughout the term of the policy (unless optional CPI increases have been chosen) |
Bonuses |
There are two types of bonuses on these plans, annual and terminal. Bonuses add value to the sum insured and maturity value Annual bonuses (also referred to as reversionary bonuses) are added annually and are guaranteed once declared Terminal bonuses may be paid on maturity of the plan, death of the life insured or payment of a terminal illness claim on plans which have been valid for more than five years. Terminal bonuses are not guaranteed |
Online monitoring |
You are able to monitor your accounts online through My Resolution Life Each year you will receive an annual statement on your policy |
Regular reporting | Superannuation customers have access to an annual report |
Policy loans are a feature of Whole of Life Insurance and Endowment Insurance (Conventional) products. There are two types of loans:
If you do not make any payments on the loan, in order to offset the interest, the accumulated debt may eventually exceed the policy’s surrender value and which would see the policy and the insurance benefits cease.
Effective from 1 August 2023, the overdue premium interest rate on Conventional plans is 5.25% p.a.
Effective from 15 August 2023, the policy loan interest rate on Conventional plans is 8% p.a.
If your loan is a super tax policy loan*, the interest rate is 6.80% p.a.
This interest rate increase reflects the current market interest rates and economic conditions.
*When a member claims a tax deduction on a Conventional Policy, this incurs a contribution tax which we pay on behalf of the member to the ATO. This tax is then offset as a debt against the policy and will appear as a loan debt and a tax loan notice is sent to the member. Although it is not a loan in the traditional sense it will function like one; accruing interest every six months until the debt is paid.
If you have a policy loan or overdue premium debt with us, we will provide you with regular statements. These statements will provide ongoing key information about your loan or premium debt balance, together with your policy’s credit facilities, applicable interest and any transactions during the relevant period. You may also request such information at any time.
If you would like to arrange repayment of the overdue premiums, adjust or start making loan repayments, please refer to your latest payment notice for details on how to make a repayment. For more information regarding different payment types as noted by your payment notice, you can also visit our ‘Make a payment’ page: https://resolutionlife.com.au/payment for further details.
A change of term is an alteration of a conventional plan by changing the maturity date, premium paying term, or any other policy condition which necessitates a change to the original policy conditions.
The investment aim is to provide returns (after fees and before tax) that exceed inflation over the longer term, but with lower returns and less variability of returns than would be expected from an investment option with the same exposure to bonds, cash, shares and property. The investment strategy is to invest in a diversified portfolio. Changes to investments can be made according to the outlook for the various investment sectors and the nature of the plan.
The long term strategic mix of assets that back this plan are usually in the following ranges:
Shares and alternative investments | 15% - 50% |
Property & Infrastructure | 10% - 25% |
Fixed interest and cash | 30% - 70% |
Resolution Life may alter the strategic mix of assets that back the plan at any time without notice to you.
If you have paid premiums for at least two years, Resolution Life will pay a surrender value on the early withdrawal of the policy. As an alternative you may cash in part or all of your bonuses or, for ordinary (ie non-superannuation) policies, take a loan against the policy.
You receive guaranteed payment of the sum insured and guaranteed payment of the annual bonuses previously declared. If the plan has been in force for at least five years, terminal bonuses may also be paid, although they are not guaranteed.
For forms and more details on your options at maturity visit our dedicated page.
A guaranteed payment of the sum insured and guaranteed payment of the annual bonuses previously declared. If the plan has been in force for at least five years, terminal bonuses may also be paid, although they are not guaranteed.
Default payment on maturity
We’ll treat your money as unclaimed money and keep it in our unclaimed maturities account until we either need to transfer it to the relevant government body or receive your payment instructions (whichever happens first).
The plan benefits may be transferred to the Australian Tax Office (ATO) in accordance with the relevant legislation if we don’t receive your payment instructions.
Resolution Life - Information on bonuses 2024
Resolution Life (formerly NMLA) - Information on bonuses 2024
Resolution Life bonus rates (formerly AMP Life) 2023
To view the most recent Annual reports, please visit the edocs page.
Use My Resolution Life Portal to
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.