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Life Assurance (Term assurance (Level (Fixed term (Level DB (No surrender…
Life Assurance
Term assurance
Level
Fixed term
Level DB
No surrender value
Tax free DB
Decreasing
Fixed term
Decreasing DB
No surrender value
Tax free DB
Increasing
Fixed term
Increasing DB
No surrender value
Tax free DB
Convertible
Fixed term
Level DB
No surrender value
Tax free DB
Renewable
Fixed term
Level DB
No surrender value
Tax free DB
Family Income Benefit (FIB)
Fixed term
Decreasing DB
No surrender value
Tax free DB
Pension term assurance
Fixed term
Level/Increasing DB
No surrender value
Tax free DB
Gift inter vivos cover
Fixed term
Level 3 yrs/Decreasing
Cover IHT gifting
Whole of life
Non-profit
No fixed term
Level DB
Surrender value
Qualifying surrender tax free
Tax free DB
With profit
No fixed term
Increasing DB
Surrender value
Qualifying surrender tax free
Tax free DB
Unit-linked
No fixed term
Level until units reach DB
Surrender value
Qualifying surrender tax free
Tax free DB
Low-cost
No fixed term
Level until bonus reach DB
Surrender value
Qualifying surrender tax free
Tax free DB
Flexible
No fixed term
Level until units reach DB
Surrender value
Qualifying surrender tax free
Tax free DB
Universal
No fixed term
Level until units reach DB
Surrender value
Qualifying surrender tax free
Tax free DB
Endowment Policies
Non-profit
Fixed term
Fixed sum assured
With-profit
Fixed sum assured
Additional bonuses
Reversionary
Yearly
Simple
% of sum assured
Compound
Based on sum and prev. bonuses.
Terminal
Paid on death/maturity
Bonus rate determined by provider
Low-cost with-profits
With-profits
Decreasing term
Unit-linked
Fixed DB
Investment unit funded
Fund manager
Potential higher returns
Unitised with-profits
Units Purchased
Additional bonuses added
Flexible Whole-of-life
Unit-linked
Maximum cover
Larger no. units cashed
Investment lower
Minimum cover
Fewer units cancelled
Higher Investment
Balanced cover
Premiums in line with cover
Universal Whole-of-life
Additional Benefits/Options
Critical illness cover
Income protection insurance
Waiver of premium
Flexible premiums
Accidental death benefit
Indecation of benefits
Total and permanent disability cover
Guaranteed insurability