financial jargon can be confusing, let us help

______________________________pridesmall

Jargon Buster

Buying Life Assurance and Protection Cover doesn’t have to be confusing or complicated. Here’s a quick guide to help you understand some of the terms we use in the insurance industry.

Medical evidence

This could mean tests, or details of you or your family’s medical history, may be required from your doctor or GP to work out the cost of cover. The product provider would only request this with your permission and will cover the cost of providing it.

Terminal illness

Defined as an advanced or rapidly progressing incurable illness. Definitions will depend on the plan provider however normally it is where in the opinion of an attending Consultant and our Chief Medical Officer, life expectancy is no greater than 12 months.

Term

The period of time you’re covered for.

Premium

The amount you pay each month by direct debit.

Premium Lead

Determining the level of cover provided based on your monthly premium.

Critical illness

Will pay if you’re diagnosed with one of the many specified critical illnesses during the period of cover. Again definitions will depend on the plan provider’s list of critical illnesses covered.

Claim

Made by the person who suffers from a critical or terminal illness or on behalf of the person who dies. Successful claims will result in either a one-off cash sum payment or an income until the end of the benefit term.

Sum Assured – Sum Insured

The amount you choose to be covered for.

Reward

A gift provided by pride365 once you have taken out your self-selected ‘Life Assurance and Protection’ policy.

Cover

Just another word for policy.

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