Assured<\/strong> Convertible Term Assurance<\/strong> Critical Illness Cover<\/strong> Decreasing Term Assurance<\/strong> Deferred Period<\/strong> Family Income Benefit <\/strong> Guaranteed Premiums<\/strong> Income Protection<\/strong> Indexation<\/strong> Insurable Interest<\/strong> Joint Life Second Death<\/strong> Key Person (Key Man) Insurance <\/strong> Level Term Assurance<\/strong> Life Assured<\/strong> Life Insurance<\/strong> Long-term Care <\/strong> Mortgage Protection<\/strong> Paid-up Plan<\/strong> Permanent Health Insurance <\/strong> Renewable Term Assurance<\/strong> Reviewable Premiums<\/strong> Surrender Value<\/strong> Sum Assured<\/strong> Term Assurance<\/strong> Terminal Illness<\/strong> Total Permanent Disability Cover<\/strong> Trusts<\/strong> Waiver of Premium<\/strong> Whole-Of-Life<\/strong> A guide to the jargon of protection Assured A person or persons who are insured under the terms of a protection policy.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1717"}],"collection":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1717"}],"version-history":[{"count":0,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/1717\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nA person or persons who are insured under the terms of a protection policy.<\/p>\n
\nA term assurance plan that gives the owner the option to convert the policy to a whole-of-life contract or endowment, without the need for medical checks.<\/p>\n
\nCritical Illness Cover is an insurance plan that pays out a guaranteed tax-free cash sum if you’re diagnosed as suffering from a specified critical illness covered by the plan. There is no payment if you die. You can take out the plan on your own or with someone else. For joint policies the cash sum is normally payable only once, on the first claim.<\/p>\n
\nA term assurance plan designed to reduce its cover each year, decreasing to nil at the end of term. Decreasing term assurance cover is most commonly used to cover a reducing debt or repayment mortgage.<\/p>\n
\nA period of delay prior to payment of benefits under a protection policy. Periods are normally 4, 13, 26 or 52 weeks \u2013 the longer the period the cheaper the premium.<\/p>\n
\nA term assurance policy that pays regular benefits on death to the end of the plan term.<\/p>\n
\nThis means the premiums are guaranteed to remain the same for the duration of the plan, unless you increase the amount of cover via ‘indexation’.<\/p>\n
\nThis insurance provides you with a regular tax-free income if, by reason of sickness or accident, you are unable to work, resulting in a loss of earnings. Income Protection is also known as Permanent Health Insurance (PHI).<\/p>\n
\nYou can arrange for your insurance benefit and premiums to increase annually in line with inflation or at a fixed percentage. Premiums are normally increased in line with RPI (Retail Prices Index) or NAEI (National Average Earnings Index).<\/p>\n
\nA legally recognised interest enabling a person to insure another. The insured must be financially worse off on the death of the life assured.<\/p>\n
\nA policy that will pay out only when the last survivor of a joint life policy dies.<\/p>\n
\nInsurance against the death or disability of a person who is vital to the profitability of a business.<\/p>\n
\nA 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.<\/p>\n
\nThe person whose life is insured against death under the terms of a policy.<\/p>\n
\nAn insurance plan that pays out a guaranteed cash sum if you die during the term of the plan. Some term assurance plans also pay out if you are diagnosed as suffering from a terminal illness. You can take out the plan on your own or with someone else. For joint life insurance policies the cash sum is normally payable only once, on the first claim.<\/p>\n
\nInsurance to cover the cost of caring for an individual who cannot perform a number of activities of daily living, such as dressing or washing.<\/p>\n
\n‘Mortgage life assurance’ or ‘repayment mortgage protection’ is an insurance plan to cover your whole repayment mortgage, or just part of it. The policy pays out a cash sum to meet the reducing liability of a repayment mortgage. You can take out the policy on your own or with someone else. For joint policies the cash sum is normally payable only once, on the first claim.<\/p>\n
\nA policy where contributions have ceased and any benefits accumulated are preserved.<\/p>\n
\nCover that provides a regular income until retirement should you be unable to work due to illness or disability. Also known as Income Protection.<\/p>\n
\nAn ordinary term assurance policy with the option to renew the plan at expiry without the need for further medical evidence.<\/p>\n
\nPlans with reviewable premiums are usually cheaper initially; however, the premiums are reviewed regularly and can increase substantially.<\/p>\n
\nThe value of a life policy if it is encashed before a claim due to death or maturity.<\/p>\n
\nThe benefit payable under a life assurance policy.<\/p>\n
\nA life assurance policy that pays out a lump sum on the death of the life assured within the term of the plan.<\/p>\n
\nSome life policies include this benefit free of charge and this means the life insurance benefit will be paid early if you suffer a terminal illness.<\/p>\n
\nAlso known as Permanent Health Insurance or Income Protection and sometimes available as part of a life assurance policy, this pays out the benefit of a policy if you are unable to work due to illness or disability.<\/p>\n
\nMany insurance companies supply trust documents when arranging your policy. Placing your policy in an appropriate trust usually speeds up the payment of proceeds to your beneficiaries and may also assist with IHT mitigation.<\/p>\n
\nIf you are unable to work through illness or accident for a number of months, this option ensures that your cover continues without you having to pay the policy premiums.<\/p>\n
\nUnlike term assurance, whole-of-life policies provide life assurance protection for the life of the assured individual(s). Cover may either be provided for a fixed sum assured on premium terms established at the outset or flexible terms which permit increases in cover once the policy is in force, within certain pre-set limits, to reflect changing personal circumstances.<\/p>\n","protected":false},"excerpt":{"rendered":"