Life Insurance Glossary
Whole of Life Assurance
Provides protection with or without investment and is designed to cover the policy holder for the whole of your life. This insurance pays a guaranteed sum on the death of the policyholder. This insurance can be without-profits, with profits or unit-linked. In other words you can choose insurance that pays out on death a guaranteed sum only, the sum plus any bonuses that have been added or the sum plus any additional value from the growth of the funds invested in.
Guaranteed Premiums
Guaranteed premiums usually are fixed by the insurer and remain the same throughout the policy term. If you have chosen the indexation option, in which case the premiums will also rise linked to inflation.
Reviewable Premiums
Reviewable Premiums are reviewed regularly, usually every five years, by the insurance company and can be reduced or increased depending upon their claims experience and other factors.
Life Insurance in Trust
Life insurance can guarantee a welcome payout for your beneficiaries in the event of your death. Placing your policy within a suitable trust ensures any payments to your dependants are not delayed and/or subject to tax.
Waiver of Premium
Waiver of Premium is a form of protection which provides that if you cannot follow your normal occupation because of illness or injury, the insurance company will pay your premiums to maintain the benefits under the policy.