Life Insurance Glossary


Insurance Life Insurance
life-insurance-coverJoint life insurance policy

A life insurance policy that cover two people in a relationship

Critical illness cover

Also referred to as critical illness insurance, this type of insurance makes a payout if you get one of the illnesses defined in the contract. Conditions such as cancer and multiple sclerosis are typically included. This cover is typically coupled with mortgage protection life insurance or level term life insurance.

Level term life insurance

If the policy holder passes away with in the term of the policy, then a pay-out is made.

Level term life and critical illness insurance

If the policy holder passes away or develops a pre-defined critical illness, then the payout is made by the life insurance provider.

Living benefit

Is basically any life insurance that pays out even when the policy holder is alive i.e. waiver of premium, income protection, critical illness cover etc.

Mortgage protection life insurance

This is when the life insurance payout reduces over time, typically tracking the outstanding mortgage obligation of the policy holder.

Single life insurance policy

A life insurance policy which only covers one individual

Term

The duration to maturity of the policy

Waiver of premium

In case you get ill or unemployed, waiver of premium insures that the cost of the premiums is covered.

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