Terms Explained
*Commission Rebate
All Life Insurance contracts attract commission from the insurer. Unlike many other brokers, CashSavingExpert.com will share this commission with you if you take out any of the policies quoted assuming the plan is accepted on standard terms.
Rebate Illustration:
- Based on non-smoking male aged 43, taking level term £300,000 x 20 years
- Total Commission £1137.00
- Your share £586.50 (50% paid to you over 4 years)
- CashSavingExpert.com share £586.50 (50% paid to us over 4 years)
- This can be taken as cash or can be used to reduce your monthly premium from £42.33 to £30.11
Critical Illness
This type of insurance pays out when the insured person is diagnosed with a specified critical illness and has survived for a set period thereafter. These illnesses usually include heart disease, stroke and cancer. This is not offered as part of a standard life insurance policy. We can provide critical illness cover in addition to a standard life insurance policy although premiums are likely to be significantly higher than stand alone life cover, especially for smokers.
Mortgage Protection (decreasing term)
This pays out a reducing sum insured over a specified period in order to repay a capital & interest (repayment) mortgage in the event of death (and critical illness, if covered). Due to the reducing sum insured, the cost of this policy is lower than the level term assurance.
Guaranteed Premium
This offers the option of having level premiums throughout the policy term, unless you have chosen the indexation option in which case the premiums will rise linked to inflation.
Level Term
This is the most basic type of life insurance where the premium is normally fixed over the life of the policy. The amount of life cover (also known as the sum assured) is guaranteed for a fixed term. The fixed lump sum amount is paid out if the life assured dies within the policy period.
Life Insurance in Trust
This can help ensure a welcome payout for your beneficiaries in the event of your death. Placing your policy within a suitable trust could reduce inheritance tax liabilities and help ensure any payments to your dependants are not delayed.
Waiver of Premium
This is a form of protection which provides cover 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 after a specified period.