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Glossary
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Term Assurance
- Term assurance is a Life assurance policy that is valid for a fixed term.
If the term assurance is taken out in connection with a loan or mortgage, the term is usually set to be the same as the term of the loan. Some policies have the facility to extend the term after the start of the policy.
Term assurance policies pay out on the death of the insured person, or on the first death of two insured persons, if the death occurred during the term of the assurance. A term assurance policy has no other value and cannot be "cashed in" as some other types of insurance policy can. If the insured person survives until the end of the term, the policy and monthly premium payments just comes to an end and there would be no "pay out" from the insurance company.
The details of term assurance policies vary from insurer to insurer and from policy to policy.
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