Definitions for "Life Assurance"
Related Terms:
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An assurance policy that pays a sum of money if you die during the term of the policy and may also include a savings element. back
This pays out a lump sum when the policyholder dies and is advised to protect large commitments, such as a house mortgage.
Insurance cover against injury or death.
An insurance policy which pays out a fixed lump sum on death of an individual. Life Assurance helps protect from financial difficulties. Guide.
A general term covering a variety of types of personal protection policy. The one thing they all have in common is that a payout on death is the main purpose for the contract. PHI, for example, would not be covered by this term, nor would pensions, nor some lump sum investments.
An insurance policy that pays a lump sum on death. Often taken out with a mortgage to provide money for the loan to be repaid if the borrower dies during the term.
A form of insurance by which someones life is insured. Life assurance policies can run parallel with a repayment mortgage, so the mortgage should be repaid if you die before the end of the term.
There are different levels of life insurance, ranging from the straightforward, which pays off your mortgage should you die, to quite complex products covering a number of situations.
insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"
An insurance policy that pays a lump sum to the beneficiaries when the insured person dies. ( Assurance is peculiar to some English Insurance companies but means the same as insurance where life insurance is concerned).
A general term to describe different types of personal protection policy, whose main purpose is to provide payment in the event of death.
An insurance policy which, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In the case of policies limited to investments which have a cash value, in addition to life cover, a savings element provides benefits which are payable before death. In the UK endowment assurance provides life cover or a maturity value after a specified term, whichever is the sooner.
A generic term for life cover, which is cover that pays out in the event of a death.
An insurance policy taken out by most borrowers to, at least, repay the outstanding mortgage debt should they die. It means their dependants/relatives/partner/ spouse can now inherit the property with no mortgage on it.
This protects your partner or family. If you die before you have paid off the mortgage, the assurance is designed to cover what is still owed. It is a legal requirement to have Life Assurance when taking out a mortgage.
This is an insurance policy, which would pay out a lump sum or pay off a person's mortgage if they died.
Insurance policy to give a cash sum to your dependants when you die.
The word "assurance" describes the types of life insurance that pay out when someone dies or a cash sum becomes payable. "Insurance" policies will only pay out in the event of an unforeseen event. However it is common these days to refer to all types of life policies as "life insurance".
A contract to pay out a guaranteed sum of money on the death of the life assured, in exchange for a regular premium.
Insurance which pays out on the death of the policy holder. Policies can run alongside your mortgage and will pay off all or part of the outstanding debt in the event of your death.
A sum assured on the life of an individual usually as a spouses benefit or dependents benefit and payable on death of the life assured. This is known as death in service benefit when provided in addition to a final salary pension
If you die what do you leave behind? A family, a mortgage, a bank loan, an inheritance tax problem - so many reasons to buy adequate life assurance. Cut out all the jargon and you are left with three basic types: 1. Term Assurance: Basic death cover for the length of time you want it. If you die it pays out and if you don't there is nothing to come back. The cheapest form of cover and you get exactly what you pay for. 2. Whole Life: Cover until you die. Can grow in value with the addition of "profits" or if "unit linked". 3. Endowment: Like term assurance except that if you are still alive at the end of the chosen term there will be a cash or maturity value. With-profits or unit linked endowments are used in conjunction with mortgages or as a means of long-term savings.
An insurance policy that pays a lump sum on death to the policyholder's estate.
A policy that pays out when an event happens that is certain to happen at some point (e.g. death!). Contrasts with 'insurance', which is cover against an event which may not happen.
A life assurance policy provides for a lump sum to be paid out on certain eventualities in return for the payment of single or regular premiums. Some of the premium you pay goes towards insuring your life and will pay off the loan in the event of your death. The rest is invested to pay out a lump sum at the end of the term.
An insurance policy designed to pay out a specified amount towards your mortgage balance, in the event of your death.
Assurance providing for the payment of a sum of money on the death of the person assured or, in the case of endowment assurance, at the end of a specified term even though the person assured is still living.
You are required to have life assurance in order to qualify for a mortgage. This is also called Mortgage Protection.
Assures the payment of agreed sums of money on agiven date or on death, in return for the payment of regular premiums.
An insurance policy which in return for regular payments of a premium, pays out a lump sum in the event of death of the insured party. There are several different types of life assurance, two examples which are used to cover mortgages or other loans are decreasing life assurance and level term assurance.
An insurance policy that pays out a lump sum on the death of the policyholder.
An insurance policy which pays out a lump sum on the death of the policy holder.
Lifetime cap Loan commitment