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Endowment Insurance Glossary

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Endowment Insurance Glossary

Endowment Insurance

Particular type of life cover that is paid out to the policyholder if they are still alive at the date of maturity. Term insurance does not do this, but both offer life insurance cover if the beneficiary was to die during the life of the contract.

Cash Value Life insurance

Endowment life insurance is a common type of cash value life cover.

Premium

The amount paid each month, quarter or annually to pay for life insurance protection.

Face Value

The amount that thepolicy will pay out, say £200,000.

Term

The length of the policy,usually in years, say twenty-five years.

Beneficiary

The individual or organisation that receives the lump sum payment should the policyholder die during the term of the policy.

Life Assurance

Another name commonly called to describe life insurance.

Fixed Term

The amount of years of cover is defined in the contract.

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