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Life insurance in force |
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Life insurance in forceThe dollar amount of life insurance that a company has issued, measured as the sum of policy face values and dividends paid.Life insurance in force Similar MatchesTerm insuranceTerm insuranceProvides a death benefit only, no build up of cash value. Endowment insuranceEndowment insuranceA cash value life insurance policy with a fixed term. Premiums are applied to give life insurance cover for the face amount and at the end of the term the cash value will equate to the face amount and be payable. Payment protection insurancePayment protection insuranceA type of insurance that pays your loan for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. Most non-mortgage PPI products are taken out for a length of time that corresponds to the life of the loan it is protecting. Permanent health insurance (PHI)Permanent health insurance (PHI)In return for regular premiums, PHI provides an income in the event of the policy holder contracting a long term illness or injury. There is no payment on death.Benefits are paid usually after a waiting period of several months or even a year known as the deferment period. During the deferment period the employer will often pay the employee's salary.The benefit payable will normally be no greater than 75% of earnings in the year preceding the disability and usually continue to retirement age. This is to encourage people to return to work in the event of partial or full recovery.If a claim becomes payable, the policy holder will receive payment free of tax during the year the disability occurs. This also applies for the subsequent tax year (6th April to 5th April). Private medical insurancePrivate medical insuranceAn insurance policy which provides cover for the cost of private medical treatment. The policy may be taken out personally or individuals may benefit from a company-wide policy taken out by their employer. Further SuggestionsFinancial guarantee insuranceinsurance policy uninsured motorist insurance National Insurance (NI) Contributions group insurance Loss of income insurance Federal Deposit Insurance Corporation (fdic) Liability insurance insurance premium tax Federal Deposit Insurance Corporation (FDIC) Federal Deposit Insurance Corporation Buildings and contents insurance deposit insurance Insurance agent travel insurance National Insurance Pension (State Pension) Term life insurance participating life insurance health insurance loss of income insurance insurance Accident, Sickness and Unemployment insurance Single premium life insurance Savings Association Insurance Fund (SAIF) variable life insurance |
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