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Critical Illness Insurance - insurance that pays out if you suffer from one of a serious set of conditions such as cancer, heart attack, stroke and others. You may need to survive for a period to claim
Whole of Life Insurance: Whole of life cover provides life insurance cover for the whole of your life. The sum insured is paid to your dependents following your death. Whole of life insurance is more expensive because it is certain that the life company will eventually have to pay the sum insured. Two types of Whole Life cover exist:
maximum cover - The initial premiums and the sum insured are guaranteed not to increase for the first 10 years. After this initial period the plan is reviewed and if necessary the premiums may be increased.
balanced cover - This cover aims to balance the level of life insurance with adequate investment to support the cover in later years and maintain the original premium throughout life. Premiums will depend on the sum to be insured, your age, your sex and whether you smoke or not. A non smoker is usually defined as someone who has not smoked for at least twelve months. Premiums for women are generally lower as on average they tend to live longer. You can choose a Single-Life or Joint-Life Plan: Depending on the number of lives and the version you have chosen, the sum assured will be paid out if for a single-life plan: you die before the end of the plan term, or in some cases you develop a terminal illness at least eighteen months before the end of the plan term. For a Joint-Life 'First Death' Plan: If either of you dies before the end of the plan term, or if either of you develops a terminal illness at least eighteen months before the end of the plan term. As soon as the sum assured is paid out, the plan ends. If your plan is written under trust, the trust conditions may not automatically allow you to benefit personally if the sum assured is paid of because of terminal illness. If by the end of the plan term the sum assured has not become payable, the plan ends and nothing is paid out.
Decreasing Term Assurance - a life insurance policy where the sum assured starts high, and then reduces. These policies usually provide the maximum initial cover for the lowest cost.
Family Income Benefit - a policy designed for families to provide income while children are growing. E.g. child age 0, policy taken out to provide £10,000 a year until the child is 25. If the parent dies straight away then £250,000 is paid out (over time). If the parent dies when the child is 10, only £150,000 would be paid out.
Flexible Whole Life Policy - a type of life insurance that will pay out a death benefit regardless of term. These are linked to an investment fund where the balance between life insurance and savings can be varied when needed.
Group Life - a life insurance policy that covers a lot of people. Mainly occurs where employers set up life cover for their employees. This will usually be a multiple of up to 4x salary.
Income Protection Plan - an insurance policy that provides you with an ongoing income (to retirement age and index linked if required) in the event that ill health stops you working
Keyperson (insurance) - an insurance policy taken out by a firm to provide the firm with a lump sum in the event of the death, or critical illness etc of a person considered key to the survival of the firm. Normally taken out on the lives of key managers, technical experts, directors and top sales staff.
Level Term policy - if the person dies during the term of the policy, a payment is made.
Qualifying (life policy) - a type of insurance policy that can have tax benefits
Term Assurance - a policy that runs for a term, and then lapses without value (if no claim arises during the term).
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