Life assurance that pays out a lump sum if you die during the term. The amount of cover stays the same throughout the term, which makes it suitable for interest-only loans where the amount you owe stays the same to the end of the mortgage period.
An insurance policy that pays out a fixed sum in the event of a claim within the plan term. No surrender value is accumulated and nothing is paid if the life assured survives to the end of the policy term.
An insurance policy that pays out a lump sum under the terms of the policy (typically on death of a policy holder) during the term of the policy. Level term refers to the fact that the benefit remains at a constant level throughout the term. It is often set up to protect an interest only mortgage.
Life assurance that pays out a cash lump sum if the policy holder dies during the term of cover.
A form of term assurance where the death benefit is a fixed sum, paid on the death of the life assured within the term of the policy.
Life assurance for a fixed period of time or until a specified date. This is usually expressed in years or to a certain age. At the end of the term the policy will normally cease without value. Some companies provide the facility for the sum assured to keep pace with inflation (indexed) by an automatic increase each year without the need for further evidence of health. The premium will also increase.
Life assurance which pays out a lump amount if you die during the term. The amount of cover stays the same throughout the term, which makes the cover suitable for interest-only loans, due to be repaid by an ISA, because the amount you owe on the mortgage stays the same until the end of the mortgage.
Term Assurance is a life insurance policy which covers the life of a person in monetary terms in return for a payment, usually monthly, and known as a premium. Term assurance is the cheapest and simplest form of life cover, providing life assurance for a fixed term only. The sum assured is payable only if the life assured dies within that term. There is no investment value to the policy at any time. In the case of Level Term Assurance the sum assured does not change during the term of the policy.
A type of life insurance policy which pays out a lump sum in the event that the policyholder or person whose life is assured dies during the ‘termâ€(tm) – ie: time covered – of the policy. ‘Levelâ€(tm) means that the sum paid out will be the same throughout the life of the policy. The alternative to ‘Levelâ€(tm) is ‘Decreasingâ€(tm) which means that the sum paid out will decrease over the term of the policy
Your estate will receive a lump sum if you die during the term of your loan. Ideal for interest only loans as the amount owed on the loan remains the same throughout the life of the loan.
a life assurance policy that pays out a fixed sum on the death of the life assured within the plan term. No surrender value is accumulated.
A term assurance policy where sum assured and premiums do not increase.
A simple form of life assurance that pays out a lump sum if the policy holder dies within a specified time period.