Life Insurance Glossary

• Claim – The request made to us for payment of a benefit under a policy.
• Critical Illness Cover - Our cover will pay if you're diagnosed with one of our specified illnesses listed and your policy includes critical illness and disability benefit.
• Life assured – A person, who we name in the policy schedule, whose life is covered under the policy.
• Policy holder – An owner of the life insurance policy
• Premium - The monthly amount you pay us under the policy
• Sum assured - The amount, which we show in the policy schedule, that we will pay following a successful claim for life cover, terminal illness benefit or critical illness and disability benefit.
• Term - The maximum number of years that your policy can remain in force
• Terminal illness - 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 - A means of legally gifting any lump sum payouts under your policy to others (such as close family or friends). We can pay the sum assured to the people you chose to control your trust (the "trustees") without have to await probate and the amount would not be added to your estate for inheritance tax purposes.
• We, us & our – Means Friends Provident Life Assurance Limited.