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Level term assurance |
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Level term assuranceLife assurance that pays out a set amount throughout the entire agreement if you die during the term.Level term assurance Similar MatchesUnit linked whole of life assuranceUnit linked whole of life assuranceSee: 'whole life assurance'. Contingent assuranceContingent assuranceLife assurance where payment of the sum assured depends on an event or events additional to the death of the life assured. For example the policy may specify the prior death of the spouse of the life assured. Endowment assuranceEndowment assuranceA fixed term life assurance policy in which provision is made for premiums to pay for life cover plus a savings/investment element. The policy pays out a sum of money (the sum assured) on the death of the life assured or at a specified date (the maturity date) if the life assured survives the term. If an endowment policy is encashed in its early years any proceeds returnable to the policyholder will normally be below the value of the premiums paid up to cancellation. Term assuranceTerm assuranceA life insurance policy in which cover is provided for a specified period of time (the term). The sum assured is paid if the death of the insured occurs during the term. If the insured survives the term, the contract ceases and no benefit is payable when the individual subsequently dies. Life assuranceLife assuranceAn insurance policy that pays a lump sum on death. Often taken out with a mortgage to provide money for the loan to be repaid if the borrower dies during the term. Further Suggestionsfamily income benefit (family income assurance)unit linked life assurance decreasing term assurance index linked family income assurance index linked term assurance life assurance industrial life assurance renewable term assurance assurance life assurance premium relief joint life assurance Decreasing term assurance unit linked endowment assurance bancassurance |
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