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Endowment Policies Glossary

Beat the endowment insurance policy jargon with our easy to understand glossary

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Endowment Policies Glossary

Term

The length of time that the policy lasts. Often a number of years such as 15 or 25, or simply calculated to match an outstanding liability such as a mortgage or significant loan.

Amount

The level of protection chosen by the policyholder. The higher the amount the policy pays out the greater the monthly premiums that has to be paid.

Policy

Each provider has a range of products to suit different requirements and circumstances. Each product is called a policy.

Endowment Life Cover

The type of life insurance that contains one element of investment and one element of life insurance. The policy will pay out if the policyholder dies during the the life of the policy but will also pay out an unknown amount when the contract matures. This will depend on the financial situation at the time of maturity.

Underwriter

The company that underlies the financial contract. Usually a very large insurance company such as Axa or Aviva.

Term Assurance

A life assurance policy that does not include any investment. The cover will pay out a fixed amount if the policyholder dies during the term of the cover but will simply expire when it matures. Significantly cheaper than endowment life insurance, and becoming increasingly popular.

Critical Illness Cover

The most popular add on when buying life insurance. The extra protection will pay out if the policyholder contracts a specified illness such as some cancers or heart disease. This can be an expensive add on.

Serious Illness Cover

Largely another name for critical illness cover. A name used by HSBC and Prudential in the UK.

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