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Proposal - This is the application you complete for the life insurance company to consider.
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Renewable life insurance - This will provide life cover for a period of time with the option to renew with no further medical evidence, you do pay extra for this privilege and premium rates are reassessed after this period. These life insurance contracts usually run for a short period of 5-10 years and because of their short term are initially cheaper.
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Reviewable premiums - this type of life insurance will reserve the right to review premiums payable at regular intervals, this does usually reduce the initial insurance premiums but can cost more long term if premiums are increased.
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Sum assured - This is the lump sum benefit you will receive in the event of a claim or in the case of Family Income Benefit the yearly income you receive.
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Terminal illness cover - TIC is sometimes included with life insurance, this will pay the benefit early if you are diagnosed as having a terminal illness with a limited life expectancy . Is not the same as Critical Illness Cover UK.
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Term Life Insurance -please see relevant section
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Trusts- A trust is used with term life insurance to identify the beneficiary without giving immediate control to that person. A common reason for using a trust is reducing your potential liability to inheritance tax, it tends also to enable the proceeds of the life insurance to be paid quicker. If you wish to place your life insurance policy in trust, forms are available from the life insurance company.
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UK Life Insurance A web site from Assetguard
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Waiver of premium - This provides a benefit to pay your premiums should you become unable to pay due to sickness or illness (definitions do vary). If you choose to add waiver of premium there will be an extra cost.
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E-mail info@uk-life-insurance.co.uk Telephone 020 8797 2837
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Affordable UK life insurance quotes online |
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