Life insurance glossary

• Beneficiary The person to whom the payout will be made in case of your death.
• Claim Made by the person who suffers from a critical or terminal illness or on behalf of the person who dies. Successful claims will result in a one-off cash sum payment.
• Cover Just another word for policy.
• Critical illness Our cover will pay if you're diagnosed with one of our specified critical illnesses during the period of cover. List of critical illnesses covered.
• Life insured The person(s) named as such in the insurance schedule
• Medical evidence (which could mean tests, or details of your/your family's medical history) may be required from your doctor/GP to work out the cost of cover. We would only request this with your permission. We will cover the cost of obtaining this.
• Policy Owner The owner of the life insurance policy. It is generally the life insured, but could be your employer or group if you have a life insurance policy through them.
• Premium The amount you pay each month by direct debit.
• Sum assured / sum insured The amount you choose to be covered for.
• Term The period of time you're covered for.
• Terminal illness - defined as an advanced or rapidly progressing incurable illness, where in the opinion of an attending Consultant and our Chief Medical Officer, life expectancy is no greater than 12 months. This is automatically included during the period of cover - excluding the last 18 months.
• 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.