Life cover – Glossary part 2
In part one we started to look at the various terms surrounding life cover – the list continues below.
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Life cover – the terminology
This is basically insurance on your insurance – if you are incapacitated, unable to work and therefore unable to afford the repayments – premium payment protection cover ensures that your insurance premiums are wavered.
Instead of paying a lump sum upon death the payments are staggered, e.g. yearly, quarterly, monthly etc.
The person or persons who receive the payout if you should die.
The right of the insurer to change the insurance premium amount.
When all the premiums have been paid and the insurance remains in place.
Periodic payments to the insurance company to keep the policy in effect.
A term based life cover policy that can be changed to a ‘whole life’ or ‘endowment’ policy – usually without the need for further medicals etc.
this type of life cover policy allows you to increase the amount you pay by a specific percentage each year – effectively allowing you to boost your life insurance payout as your income increases.
Life cover – If in doubt ask an expert
If you are still unsure about any of the life cover terms listed above or would like to talk further about any aspect of life insurance then it’s always best to consult an expert. You can either visit a financial adviser or why not give one of Jump Money expert staff a call, (details below) – either of which should be able to give you sound advice and information on life cover.
Choosing the right life cover
With a plethora of life cover to choose from online it is often difficult to know which one to pick. Established in 1995; Jump Money have been helping people like you protect their family’s financial security should the unexpected happen for over a decade. For more information on their great range of products and services why not give one of Jump Money friendly staff a call on: 0845 8516262. Or alternatively take a look at the website at: www.jumplifeinsurance.co.uk for a life cover online quotation.
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