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Malcolm Baker, Portsmouth

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Rose Mitchell, Tenby


Don’t get bogged down by life insurance terminology!

The definitions below are provided for guidance purposes. Our aim is to try to provide you with definitions for terms used in the insurance sector which can be easily understood. However, these definitions are not insurer definitions and you should make sure that you read your policy terms and conditions fully before committing to anything. If you are in any doubt, speak to your adviser

Critical Illness Cover

Not automatically offered as standard with life insurance policies, critical illness cover will pay out once a doctor has diagnosed a critical illness during the life policy’s term. Search across LiveSure for our critical illness deals.

Income Protection

If you fall ill, income protection will provide an income, which is tax free, until you are fit enough to return to work, or until you retire, pass away or until your policy expires.

Level Term Assurance

Level term assurance is life cover that should a person die within the term of the insurance policy, will pay out a fixed lump sum.

Increasing Term Assurance

Increasing term assurance is not as popular as level term assurance. There is no need for a medical and the cover increases every year. This is an important assurance to bear in mind though, as some people may need additional cover to keep in line with income increases as well as inflation.

Mortgage Protection Assurance

This type of cover reduces as the outstanding balance of your mortgage reduces.

Decreasing Term Assurance

This cover is similar to mortgage protection assurance in that it reduces over time. However, unlike mortgage protection assurance, decreasing term assurance reduces at a fixed, flat rate each year rather than following the mortgage, which usually decreases more slowly in the earlier years.

Renewable Term Assurance

Renewable term assurance is usually just short term cover. It can be renewed every five to ten years without the need for medical underwriting.

Convertible Term Assurance

Convertible term assurance is flexible level term cover. The policyholder has the option to convert the policy at a later stage. Often, people convert their convertible term assurance to a whole of life policy.

Whole of Life

Whole of life cover is open ended and incorporates the option to have an investment element or alternatively, it can be available as a pricier, guaranteed rate, non-investment contract.

Terminal Illness Benefit

This benefit, unlike critical illness cover, allows a policyholder who has been diagnosed with less than one year to live to make an early claim on their life insurance. Terminal illness benefit is typically included at no extra charge with life cover.

Guaranteed Premiums

These are very popular, as their characteristics enable a person to accurately budget for life. The amount that is paid monthly for your life insurance will never increase for the entire policy term. The only disadvantage for this guaranteed fixed monthly payment is that the premiums may be higher than reviewable premiums.

Reviewable Premiums

These tend to be cheaper than guaranteed premiums. They are reviewed by the life insurance provider on a regular basis and they can reduce or increase depending on any claims or changes made to your personal circumstances.

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Livesure is a website created to help users find the best possible life cover, income protection and mortgage payment protection quotes for their circumstances.

We work with brokers who search and compare insurance policies from hundreds of providers for the best deals available. These brokers provide the following services: Life assurance; critical illness; decreasing mortgage cover and mortgage payment protection. Our service is free and you are under no obligation to accept the quotes you receive.

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