| Life Insurance (Assurance) |
| There are 2 main types of life assurance
Term Assurance
Whole of Life Assurance
Term |
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| Level Term Assurance |
| The sum assured is only payable if death occurs within the specifed term. Both the term and the sum |
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| Convertible Term Assurance |
| Similar to level term assurance but the policy holder has the right to amend the policy to a whole |
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| Decreasing Term Assurance |
| A term assurance policy where the amount of life cover decreases over the term of the policy. |
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| Mortgage Protection Policy |
| This is a form of decreasing term assurance geared to repay the outstanding balance of a repayment |
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| Family Income Benefit |
| A type of decreasing term assurance with the sum assured payable in instalments from the date of |
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| Increasing Term Assurance |
| A type of term assurance where the sum assured increases each year by a given amount selected at the |
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| Whole Life Assurance |
| Whole life policies provide permanent cover and are used for family and estate protection.
Whole |
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| Non Profit Whole Life Assurance |
| The sum assured is selected at the outset and remains fixed throughout the lifetime of the |
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| Whole Life Assurance With Profits |
| The sum assured increases annually by the addition of bonuses which once declared are guaranteed. On |
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| Low Cost Whole Life Assurance |
| A combination of whole life with profits and decreasing term assurance, providing a target sum |
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| Unit Linked Whole Life Assurance |
| Unit linked whole of life policies are a combination of life assurance protection and investment. |
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| Unitised With Profit Whole of Life Assurance |
| With a unitised with profits policy, benefits are linked to unit performance. As with a traditional |
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| Life of Another |
| The owner of a life assurance contract is the person effecting the policy, and is known as the |
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