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Our Whole of Life and Endowment Insurance products offer the benefit of combined long-term investment and life risk insurance cover.
- Whole of Life, Endowment and Pure Endowment plans are some of Resolution Life’s oldest products and were designed for individuals wanting an investment product that also offered life insurance.
- Life insurance is provided until a nominated maturity age (up to 99 years for a Whole of Life policy).
- Bonuses add value to the sum insured for payment at maturity (only applicable to participating policies where bonuses apply).
What are the features of these products?
| Investments | These are combined long-term investment and life insurance products.
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| Insurances | These offer a combination of long-term and life insurance products. Life risk insurance is offered to policyholders at a level premium* which continues until the policy matures. There may also have been the option to take out additional insurance cover at policy commencement. Types of additional insurance cover may have included:
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| Child advancement policy (non-superannuation policies only) | This product insures the life of a child. When the policy matures (at a predetermined age) the policy transfers to the nominated life insured.
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| Premiums | You pay level premiums* – this means the premium stays the same throughout the term of the policy (unless you choose an optional re-rate or the CPI increases) or if your product is repriced. |
| Bonuses** | There are two types of bonuses on these products, annual and terminal. Bonuses add value to the sum insured and maturity value. Annual bonuses (also referred to as reversionary bonuses) are added annually to the value of the policy and are guaranteed to be added to your policy value once they are announced. Terminal bonuses may be paid on maturity of the policy, death of the life insured or payment of a terminal illness claim. Terminal bonuses are not guaranteed. |
| Online management | You are able to manage your accounts online via the My Resolution Life portal. Each year, you will receive an annual statement for your policy. |
| Regular reporting | Customers are sent an annual statement either at policy anniversary or as at 30 June each year.
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*Your premiums will stay at the applicable rate based on your age when you took out or added that cover portion to your policy. The premium may be higher than your original premium based on increases to sum insured. Where the sum insured has been increased, the applicable level premium rate applied will be based on your age when you accept the inflation adjustment or apply for a general increase in the level of cover. Resolution Life can increase your premium if it re-prices the insurance product to ensure it can meet future claims from customers.
**Only applicable to participating policies where bonuses apply.
What are my product options?
Flexible options
Policy loans and overdue premiums
Policy loans are a feature of Whole of Life, Endowment and Pure Endowment Insurance products. There are two types of loans::
- Policy loans – allows policyholders to take out a loan that is secured against the surrender value of the policy. Policy loans accrue interest and are only available on ordinary (non-superannuation) policies.
- Overdue premium debt – are accrued where policyholders miss their premium payments. The overdue premiums along with interest, is secured against the surrender value of the policy.
If you do not make any payments to your policy for the policy loan or overdue premium debt, the accumulated debt amount may eventually exceed the policy’s surrender value, which would see your policy and the life insurance benefits cease.
Interest rates for former AMP Life and former National Mutual Life Association (NMLA) policies:
Effective from 1 August 2024, the overdue premium interest rate is 6.5% p.a.
Effective from 15 August 2024, the policy loan interest rate is 8.5% p.a.
- If your loan is a superannuation tax policy loan*, the interest rate is 7.23% p.a.
Interest rates for policies transferred to Resolution Life on 1 July 2023:
Effective from 1 July 2024, the overdue premium interest rate is 6.5% p.a.
Effective from 1 July 2024, the policy loan interest rate is 8.5% p.a.
The interest rate fluctuations reflect the market interest rates and economic conditions.
*When a member claims a tax deduction on a Conventional Policy, this incurs an amount for superannuation 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 functions like one; accruing interest every six months until the debt is repaid.
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 this 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 on your former AMP or NATIONAL MUTUAL LIFE ASSOCIATION policy, refer to your payment notice, or visit our ‘Make a payment’ page for further details.
The Target Market Determination for the former AMP or NATIONAL MUTUAL LIFE ASSOCIATION policy loan facility can be found here
Extension of maturity date (former AMP Life and NATIONAL MUTUAL LIFE ASSOCIATION policies only)
- Whole of Life plans are assumed to end at age 95 but can be extended until the death of the life insured.
- Endowment plans can be extended by a minimum of five years (up to age 85) provided there is at least five years to the maturity date.
Change of term
A change of term is an alteration to Whole of Life and Endowment plans where the maturity date, premium paying term, or any other policy condition which necessitates a change to the original policy conditions is altered.
Investment reports
For information on the Whole of Life and Endowment’s investment objective and strategy, please refer to the Investment reports for the Super and Ordinary plans:
Download the latest investment report for Whole of Life and Endowment Super plans
Download the latest investment report for Whole of Life and Endowment Ordinary plans
For investment information on policies transferred to Resolution Life on 1 July 2023, refer to the Annual Performance Reports as at 30 June:
When can I access my benefit?
Withdrawal prior to maturity or death
Resolution Life will pay the net surrender value on the withdrawal of funds from the policy. For policies where bonuses apply, you may cash in part or all of your bonuses. For ordinary (i.e. non-superannuation) policies, there may also be an option to take a loan against your policy.
On maturity or death
At this time, you receive a guaranteed payment of the sum insured and the annual bonuses previously declared. Terminal bonuses may also be paid, although these are not guaranteed.
For forms and more details on your options available to you on maturity, please visit our dedicated page.
Default payment on maturity
Whole of Life and Endowment plans (ordinary)
Prior to maturity, we will write to you to seek payment instructions from you specific to your policy. If we don’t hear from you, 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).
Whole of Life and Endowment plans (superannuation)
Prior to maturity, we will write to you to seek payment instructions from you specific to your policy. If we don’t hear from you, the plan benefits may be transferred to the Australian Taxation Office (ATO) in accordance with the relevant legislation if we don’t receive your payment instructions.
Documents and downloads
Resolution Life – Information on bonuses 2024
Resolution Life (formerly NATIONAL MUTUAL LIFE ASSOCIATION) – Information on bonuses 2024
Resolution Life bonus rates (formerly AMP Life) 2024
To view the most recent superannuation Annual Report, please visit the trustee information
The following guides are specific to policies that were transferred to Resolution Life from 1 July 2023.
A guide to Whole of Life, Endowment and Pure Endowment policies (Super Retirement Fund)
Advance Premium Account
Applicable to former AMP Life customers only.
The Advance Premium Account (APA) was designed for customers with Whole of Life and Endowment plans only. The APA allowed the customer to contribute additional premiums into their plan over and above their normal contractual premium. Customers can use the balance of their APA account to pay the premiums on their plan. From 1 July 1990, customers can no longer pay premiums into this plan and it is closed to new business. However if there is still money in this account, Resolution Life will continue to pay interest on 30 April each year.
The balance in the APA is paid out at the same time as the benefit on the associated Whole of life or Endowment plan when there is a claim as follows:
- Surrender of a plan
- Death Claim
- Maturity
The balance in the account will also reduce to nil if it has all been used to pay premiums on the Whole of life or Endowment plan.
Entity/Fund information:
| Entity/Fund information | Details |
| Entity/Fund name | National Mutual Retirement Fund |
| Australian business number (ABN) | 76 746 741 299 |
| Registrable superannuation entity (RSE) | R1056310 |
| Superannuation fund number (SFN) | 138 295 940 |
| Superannuation product identification number (SPIN)/ Unique superannuation identifier (USI) | N/A |
Crediting rates:
The net crediting rate from 1 May 2024 is 6.50% per annum.
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What you need to know
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.
