Understand life insurance jargon with our comprehensive glossary. Clear definitions of terms you'll encounter when comparing quotes and policies.
A professional who calculates insurance risks and premiums using statistics and mathematics.
The total amount you pay for insurance coverage each year, usually paid monthly or annually.
A financial product that provides regular payments over time, often used for retirement income.
A person or entity to whom policy benefits are transferred or assigned.
The person or entity designated to receive the insurance payout when the policyholder dies.
The amount of money the insurance company pays out to beneficiaries upon the insured's death.
An independent agent who helps you find and compare insurance policies from multiple insurers.
The investment component of permanent life insurance that builds value over time.
A formal request to an insurance company for payment following the death of the insured.
The amount of insurance protection, or the types of losses covered by an insurance policy.
Insurance that pays a lump sum if you're diagnosed with a serious illness covered by the policy.
The amount paid to beneficiaries when the insured person dies, also known as the sum assured.
Life insurance where the benefit amount decreases over time, often used for mortgage protection.
A premium payment that is postponed to a later date, subject to policy terms.
Specific conditions or circumstances that are not covered by the insurance policy.
A life insurance policy that pays out after a set period or on the death of the insured.
Financial Conduct Authority - the UK regulator that oversees insurance companies and intermediaries.
Insurance that pays regular income to your family rather than a lump sum.
A period after a premium due date during which the policy remains in force even if payment is late.
Life insurance provided by an employer or organization covering multiple people under one policy.
Insurance that replaces a portion of your income if you cannot work due to illness or injury.
The person whose life is covered by the insurance policy.
The insurance company that provides coverage and pays claims.
Life insurance where the benefit amount stays the same throughout the policy term.
The person whose life is insured under the policy (same as "insured").
When a policy ends due to non-payment of premiums.
The process where insurers assess your health to determine premiums and coverage.
Decreasing term life insurance designed to pay off your mortgage if you die.
The contract between you and the insurance company outlining coverage terms and conditions.
The person who owns the insurance policy and is responsible for premium payments.
The amount you pay for insurance coverage, typically monthly or annually.
An additional benefit or feature that can be added to a basic life insurance policy.
Term life insurance that can be renewed at the end of the term without medical exams.
The amount the insurance company will pay out when the insured person dies.
The amount you receive if you cancel a permanent life insurance policy early.
Temporary life insurance that provides coverage for a specific period (term).
A feature allowing early payout of death benefits if diagnosed with a terminal illness.
The process insurers use to evaluate risk and determine whether to offer coverage.
A type of permanent life insurance with flexible premiums and death benefits.
A rider that waives premium payments if you become disabled and cannot work.
Permanent life insurance that provides coverage for your entire life with a cash value component.
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