Critical illness cover
Provides you with a lump sum if you are diagnosed with a defined critical illness such as some types of cancer or a stroke, during the policy term.
With these policies, the level of cover reduces over the length of the policy, similar to and often in line with the way a repayment mortgage decreases.
This is a collection of all your assets, so your house, car, savings & investments etc.
These premiums are fixed and guaranteed not to change during the policy term, unless you alter the cover.
These policies can cover you and another person, paying out only once following a claim and then ending.
Level term assurance
the amount you are covered for is fixed when you start paying your premiums and it stays the same throughout the term. A guaranteed lump sum will be paid if you die during the policy term.
Your premium is the amount you agree to pay a life insurance provider on a regular basis, in return for cover.
Terminal illness cover
Policies that provide this type of cover may pay out upon diagnosis of a terminal illness.
A legally acknowledged arrangement to pass on your assets when you die.
How long the policy lasts for, i.e. 5-40 years.
Waiver of premium
In the event that you are unable to work through ill health; payments will be made on your behalf until the end of your policy term, a specified age or until you are able to return to work. This is often offered as an additional extra.