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Glossary Term Assurance Level Term Assurance
Decreasing Term Assurance (Mortgage Protection) The premium will remain the same, but the level of cover will decrease in-line with the outstanding balance on a repayment mortgage. Example premiums for 25 yr plan.
Convertible Term Assurance* Without providing additional medical evidence of your health you may change the policy to a Whole Life, Endowment or Term Assurance policy (choice varies depending on the company). The new policy will not include critical illness benefit or premium protection benefit. If your policy includes critical illness benefit and/or premium protection benefit and you want to convert your policy to another Term Assurance you can choose to include either or both of these benefits, but you would be required to complete additional questions regarding your health. The inclusion of these benefits will be subject to any age limits applicable at the time of conversion. Example premium for 25yr plan.
Renewable Term Assurance*
*Norwich Union definition, check key features of your chosen plan Family Income Benefit This plan pays a fixed income from the date of death of the life assured until the end of the plan. It is therefore comparable to a decreasing term assurance policy. It is used to provide an income for dependents after death, and is the cheapest way to do so. Example premium for 25yr plan.
Critical Illness The plan pays out on diagnosis of certain "critical" illnesses. The illnesses covered, and their required severity varies between the companies, but all cover an agreed core list. It can be standalone or as an add-on to any of the above schemes. Example premium for standalone critical illness
Example premiums for combined life and critical illness level term assurance
Options Waiver of Premium or Premium Protection If you choose this option the premiums can be waived during incapacity or illness exceeding the deferred period. Terminal Illness Benefit On diagnosis of a terminal illness (where your life expectancy is less than 12 months), the (sum assured) life cover will be paid out immediately. It would not be paid out if the diagnosis were within 18 months of the end of the plan. This option is normally included in term assurance policies. Conversion Option* Without providing additional medical evidence of your health you may change the policy to a Whole Life, Endowment or Term Assurance policy. The new policy will not include critical illness benefit or premium protection benefit. If your policy includes critical illness benefit and/or premium protection benefit and you want to convert your policy to another Term Assurance you can choose to include either or both of these benefits, but you would be required to complete additional questions regarding your health. The inclusion of these benefits will be subject to any age limits applicable at the time of conversion. Renewal Option* You have the opportunity to extend the policy at the end of the policy term, subject to any age limits applicable at the time, without providing additional evidence of your health unless you request the addition of critical illness benefit and/or premium protection benefit to the new policy. *Norwich Union definition, check key features of your chosen plan Other types of life insurance Whole of Life Income protection Accident, sickness and unemployment cover |
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