Over 50 Life Insurance terminology T. What is Term Life Insurance, Terminal Illness, Trust, Term Assurance etc?

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    Over 50 Life Insurance Terminology - T

    Terminal Illness
    This is an illness or disease which you are going to die from. You can add terminal illness to your insurance policy which will them pay out should you become terminally ill.
    This money can help to put in place any financial plans your family may have after your death.
    Please note that this is not the same as
    Over 50 Critical Illness Life Insurance which only pays out if you are diagnosed with a critical illness which is curable.

    Term Life Insurance
    A simple life insurance policy which runs for an agreed amount of time (term).

    Total Permanent Disability
    An insurance term given for when you are totally & permanently disabled.
    This is an option which can usually be added to an Over 50s Critical Illness Insurance Policy.

    This is where an over 50 life insurance policy is written in trust which means it determines exactly which person or people receive the payment of the policy.

    The FCA / Financial Conduct Authority does not regulate trusts

    Term Assurance
    The same as an over 50 Life Assurance policy.

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