Life Assurance

Term Assurance

The most basic type of life assurance, taken out as a means of insuring against death within a specified period.  The premiums provide life assurance only and are generally considered the cheapest form of life assurance.
Level Term

Sum assured does not vary over the term of the policy.
Mortgage Protection

A special form of decreasing term assurance under which the sum assured reduces in line with the outstanding loan under a repayment mortgage.
Whole Life

Whole life policies pay out a lump sum whenever the life assured dies.  Payment by the life office, at some time, is therefore certain and consequently, although premiums are higher than for term assurance, the policy usually has a surrender value.  However, some plans, for example designed for IHT planning, do not have a surrender value.

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