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Life assurance |
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Life 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.Life assuranceAn insurance policy which, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In the case of policies limited to investments which have a cash value, in addition to life cover, a savings element provides benefits which are payable before death. In the UK endowment assurance provides life cover or a maturity value after a specified term, whichever is the sooner.Similar MatchesDecreasing term assuranceDecreasing term assuranceA life insurance policy that pays out a lump sum in the event of death. The amount paid out can be calculated so that it fall in line with your outstanding mortgage debt – meaning that over time the borrowers premiums also fall. This type of policy is well suited to providing cover on a repayment mortgage. Index linked family income assuranceIndex linked family income assuranceFamily income assurance in which the assured may, if he or she chooses, increase premiums in line with the retail price index and hence increase the sum assured. Unit linked endowment assuranceUnit linked endowment assuranceSee: 'endowment assurance'. 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. Family income benefit (family income assurance)Family income benefit (family income assurance)A type of term assurance in which, following the death of the life assured, instalments, rather than a lump sum, are paid to the beneficiary for the remainder of the policy term. If the life assured lives to the end of the term, no benefit is payable. Further SuggestionsLevel term assurancecontingent assurance joint life assurance renewable term assurance unit linked whole of life assurance decreasing term assurance endowment assurance life assurance premium relief bancassurance industrial life assurance assurance index linked term assurance unit linked life assurance |
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