Traditional whole life insurance policies are no longer sold or issued as new contracts in the Australian insurance market. These products were largely phased out following the introduction of compulsory superannuation in 1992, which changed how Australians save for retirement. Today, term life insurance serves as the primary, highly flexible alternative, allowing policyholders to secure comprehensive death and total permanent disability coverage tailored to specific periods, such as mortgage lengths or years of family financial dependence.
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