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Critical illness insurance: Pays
out a lump sum on the diagnosis of certain life-threatening
illnesses. Decreasing term: A term insurance policy in which the sum insured is reduced by a fixed amount each year, decreasing to nil at the end of the term. Disability benefit: Certain life policies will pay out if the policyholder becomes permanently disabled. No further benefit is paid on the policyholder's subsequent death. (See also "Critical Illness Insurance".) Exclusion clause: a paragraph of statement within an insurance contract that means that no claim will be paid. E.g. most insurance policies will not pay out for injury while piloting your own plane unless you tell them in advance and pay the extra premium Family income policy: A type of term insurance policy which, on the death of the life insured, pays benefits by instalments until the end of a specified period. Fatal accident benefit: Certain life policies will make an additional payment - if the policyholder dies as a result of an accident. Group life: A term that relates to the provision of lump sum death in service benefits for groups of employees. Group permanent health insurance: Policies arranged by employers for their employees, providing for the payment of income during a period of incapacity due to ill health or accident. Increasing term: A term insurance policy in which the sum insured increases each year by a fixed percentage of the original sum insured. Designed to increase policyholders' life cover as earnings increase. Independent Financial Adviser: a UK professional who can research the market in order to make the optimum arrangements for their clients. As opposed to financial advisers who are only able to sell the products of one company. |
Individual permanent health
insurance: Policies arranged by an individual providing for the
payment of income during a period of incapacity due to ill health or
accident. The benefit is paid to the policy holder until able to
return to work, or until retirement. Key person insurance: In the event of the death of a key employee on whom a business depends this type of cover provides money to help find and train a successor, and to compensate for loss of profits. Mortgage payment protection policy: Cover for monthly mortgage repayments in the event of accident, sickness or unemployment Mortgage protection policy: A life insurance policy that covers the outstanding amount of mortgage if the policyholder dies before the loan is repaid. Permanent health insurance: A policy that pays an income for as long as the policyholder is unable to work as a result of accident or illness. The benefit is usually payable until retirement date. Personal accident insurance: A policy that pays specified amounts of money if the policyholder is injured in an accident. Depending on the type of disability, the payments may be made weekly, for a set period, or as a lump sum. Private medical insurance: A policy that covers the cost of private medical treatment. Term policy: Life cover provided for a specified number of years. The insurer only pays out if the policyholder dies in this time. Whole life policy: A policy where premiums are paid for the rest of an individual's life, or up to a specified advanced age, and benefit is paid on the death of the person insured, whenever that occurs. |
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