Life Insurance Quotes
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Accident/Sickness/Unemployment (ASU)

Cover that brings together three different categories and pays out in the event that any of the three prevent the insured from holding down a job long enough to meet their financial obligations.

Applicant

A person applying for life insurance cover.

Association of British Insurers (ABI)

A trade association made up of insurance providers all through the UK.

Bank Assurance

A policy sold and administered by a bank, normally purchased by a policyholder at the same time they take out a home mortgage.

Beneficiary

The person (or persons) named in a life insurance policy as the one who will receive the payout in the event of the death of the insured while the policy is still in force.

Business Life Insurance

A specialized type of life insurance plan designed for businesses, set aside to pay for business related expenses such as mortgages and outstanding loans if the principal owner of the business passes away.

Cash Value

A monetary amount that builds up over time against the death benefit of a life insurance policy, generally based on the performance of investments. When a plan has matured, the cash value equals the death benefit and the policyholder is free to cash out if they so choose.

Convertible Term Insurance

Converts a term life insurance plan into a whole life policy, which is paid out to beneficiaries upon the death of the insured.

Cover

Coverage, or the amount and type of financial protection provided by a life insurance plan.

Coverage

The financial level of protection provided by a life insurance policy.

Critical Illness Cover

If you are diagnosed with a critical illness, this policy pays out a certain set sum of money as determined at plan inception.

Death Benefit

The sum of money that beneficiaries receive when an insured policyholder dies.

Decreasing Term Assurance

Also called mortgage protection insurance, a plan that decreases in value over time as a debt on an investment such as a home is repaid.

Endowment

A specialized type of life insurance in which the policy pays out when the insured policyholder passes away, or when the plan fully matures, whichever comes first.

Estate

The sum total of all the assets a person holds, including homes, personal possessions, cash, stocks and other investments.

Estate Tax

A tax paid on the value of an estate beyond a certain threshold upon the death of the estate’s owner. Also called an inheritance tax.

Expiry Date

An expiration date; the predetermined date upon which a plan (such as a protection only policy) is set to expire.

Family Income Benefit

Pays a tax free income to the policyholder’s beneficiaries for the remainder of the term rather than a lump sum.

Financial Services Authority (FSA)

An independent organization in the UK charged with the task of regulating all providers of financial services. Not affiliated with the government.

Increasing Term Assurance

A plan in which the value of the death benefit goes up over time to account for inflation. In these policies the rate of increase is set based on the rate of inflation.

Inheritance Tax

A tax paid when the owner of an estate dies. This is also called an estate tax, and its level is set based on value over a predetermined threshold.

Interest Sensitive Life Insurance

A whole life policy in which the cash value of the plan grows according to current interest rate trends.

Investment Type

A type of life insurance plan also known as whole life insurance that allows flexibility in contributions and payouts, and that also gives the policyholder to earn an income on their investment.

Joint Life Policy

A life insurance plan taken out by both partners, with first death benefits that pay out when the first partner dies and last survivor benefits paid out when the second partner dies.

Key Facts/Key Features Document (KFD)

This document outlines the company policies in place with a provider and gives information on the history of the company as well as certain pertinent information on the policy, such as payments and coverage limits.

Key Person Insurance

A specialized business insurance policy that can be purchased to safeguard against the loss from death of a key person in the company. This provides financial compensation to help pay for the cost of replacing a key person as well as any lost productivity and profits incurred.

Lapse

The end of a life insurance plan due to a failure to continue paying the premiums.

Life Cover

Another term for life insurance coverage.

Life Insured

The policyholder of a life insurance plan.

Limited Pay Whole Life Assurance

A special whole life option that allows policyholders to pay off their obligation sooner so that they do not have to make premium payments later on in life.

Mortgage Protection Assurance

Also known as decreasing term assurance or mortgage protection insurance, this is a plan set into place and timed to coincide with the payback of a mortgage premium on a property, protecting the financial interest of the insured on that property.

Over 50s

Specialised cover for UK residents between the ages of 50 and 80 who live in the UK for more than half the year. This type of cover requires no medical exam.

Paid Up

The point at which a policy is fully funded and no more payments are required from the insured policyholder. Protection is still in place even though premiums are no longer being paid every month/quarter/year.

Premium

The payment that policyholders make on their life insurance policies (typically paid annually, quarterly, or monthly).

Probate

The process of law by which an estate is passed on to its beneficiaries upon the death of the estate owner. This process is normally only needed when these beneficiaries are not explicitly named in a legal will.

Protection Only

A type of life insurance plan also known as a term life insurance policy or mortgage protection in which people often purchase cover to safeguard assets that they are paying for, such as a home mortgage.

Renewable Term

A short term life insurance plan that contains an option allowing the policyholder to renew the policy at the end of the term.

Risk

In insurance terms, the likelihood of a claim being made against a policy. The higher the insurer’s assessment of risk, the higher your rates will be for your life insurance.

Settlor

The person charged with creating a trust.

Single Premium

An option in which the entire premium to fund a life insurance plan is paid out all at once.

Sum Assured

The amount of cover an applicant requests at the time they apply for life insurance cover.

Term

The preset time period for which a life insurance policy is in force.

Term Life Insurance

A type of life insurance plan set up under specific terms, including a set length of time for which it is valid, after which the policy expires.

Trust

A legal method by which it is possible to hand over property to a beneficiary without having to cede full control to them. When this is selected, a trustee is given control over the estate or portion of estate left for that individual, and the trustee’s task is to carry out orders found in the trust deed.

Underwriters

Insurance company employees whose job it is to screen life insurance applications and make determinations of eligibility for cover as well as the setting of rates.

Units Linked Life Assurance

A type of whole life insurance plan in which the monthly premiums are linked to units in a certain fund.

Universal Whole Life Assurance

A type of whole life insurance plan in which the whole life insurance plan is linked up to another type of investment. This might include critical illness cover, permanent health insurance, hospital income benefits, or personal accident benefits.

Voluntary Excess

Any amount above and beyond the compulsory excess that a policyholder has stated they are willing to pay. Higher voluntary excesses lower rates, but also lead to higher out of pocket costs for claims.

Whole of Life

Life insurance that is set up to be valid for as long as the insured policyholder lives, without any term or expiry.

With Profits Life Assurance

A type of whole life insurance plan in which the policy guarantees a payout at a certain level for beneficiaries no matter when the insured dies.

Personal

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