Glossary of Terms

Level Term Assurance - the sum assured will remain constant throughout the term of the plan. This type of policy is appropriate for an interest only mortgage or family protection.

Decreasing Term Assurance - the sum assured will decrease throughout the term of the plan. This type of policy is appropriate for a repayment (capital and interest) mortgage.

Critical Illness - this is an optional extra which can be built into the plan.
This will pay out on the diagnosis of one of a specified list of critical illnesses.

Guaranteed Premium - this type of premium will not change throughout the life of the policy, which will protect you from future increases in the cost of life cover.

Reviewable Premium - these are not guaranteed and will be reviewed every 5 years by the insurance company and will increase based on your ages at that point, the cost of providing cover at that point, and any changes in your medical health. This could mean that the cost of the insurance in the future could exceed your available budget.

Terminal Illness Cover - this is automatically included with all of our policies at no extra cost.

Waiver of Premium - is an extra option that can be built into most life policies and provides that, if the life or lives assured are disabled for a specified period (usually 6 months) then premiums will be waived by the insurance company after that time.