Life insurance & Mortgage Protection Glossary

You will encounter plenty of jargon and technical terms when looking for a MortgageProtection. Get ahead with A to Z glossary to Life InsuranceandMortgageProtection. Click on the letter below to search for the word you're looking for.

Tenant House Insurance
Specialist house Insurance, also known as Landlord Building Insurance or Landlords House Insurance that provides cover for landlords who rent out investment properties.

Term
The period of time you're covered for.

Term Assurance
Term Assurance is a specific Life Insurance Policy that only pays out if the insured dies within the life of the policy. Term Assurance is usually taken out to ensure that a Mortgage or other such loan is repaid should the borrower die before the Loan is repaid.

Term Life Assurance
Term Life Assurance or Term Life Insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness.

Term Life Insurance
Term Life Insurance or Term Life Assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness.

Term Life Insurance Quote
Term Life Insurance Quote is a quote for a simple Life Insurance Policy that pays out on death of the customer during the time period specified.

Terminal Bonus
An additional sum of money paid, usually on With Profits policies, on death of the policyholder or at maturity. The amount is dependent upon the profits made by the Insurance Company.

Terminal Illness Benefit (TIB)
Not to be confused with CI, this benefit simply allows those who are diagnosed with less than 12 months to live to claim early on a Life Insurance Policy. The benefit is often included with life cover at no extra cost.

Total and Permanent Disability (TPD)
Many critical illness policies offer this – it ensure that any illnesses and medical conditions not listed in the policy details are covered as part of the policy, but it only covers conditions where there is no prospect of recovery.

Trust
Writing a Life Insurance Policy in trust makes it easier for your family or other beneficiaries to receive your Life Insurance payout in the event of your death.

Third Party Insurance
A basic form of Insurance that can be taken out to cover damage to other parties Property only.

Unit-Linked
Also called Unitised. If your Insurance Policy is unit-linked, some of your money is used to purchase 'units' in a fund. The value of your policy at maturity is dependent upon the growth of the fund in which the policy is invested. Generally refers to policies that offer protection and saving such as endowment Insurance, Whole Life Insurance and investment bonds.

Unitised With Profits Fund
Can also be called a Unit-Linked With Profits Fund. This is a type of Insurance Bond that can invest in UK and overseas shares, Property, fixed interest securities and cash. When you invest in this fund through an Insurance Policy, you buy 'units'. When an annual bonus is declared, you can either receive more units or it is added to the unit price on a daily basis. Due to the addition of bonuses the unit price does not reflect the value of the underlying investments.

Unit-Linked Single Premium Bond
A single lump sum Life Insurance Policy where your investment is spread over a number of Life Funds.

Waiver of Premium
Waiver of Premium is a form of protection which provides that if you cannot follow your normal occupation because of illness or injury, the Insurance Company will pay your premiums to maintain the benefits under the policy.

Whole Life Insurance
Also known as Whole of Life Insurance or Whole of Life Assurance, provides protection with or without investment. As the name suggests, this Insurance pays a guaranteed sum on the death of the policyholder, it covers you for the whole of your life. This Insurance can be without-profits, with profits or unit-linked. In other words you can choose Insurance that pays out on death a guaranteed sum only, the sum plus any bonuses that have been added, or the sum plus any additional value from the growth of the funds invested in.