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Personal insurance - Coggle Diagram
Personal insurance
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Assurance
this term is designed to cover the outstanding balance of a monthly repayment building society mortgage.
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Whole life assurance
a type of insurance in which you make a single payment or regular payments so that you receive a sum of money when you are a particular age, or so that your family will receive a sum of money when you die.
Endowment assurance
a type of investment that you can buy from an insurance compan in which you make regular payments over a period of time, or until you die, after which the company pays out an amount of money.
Assurances for children
Under a child's deferred assurance, a policy is effected on the life of a parent with an 'option' date’ normally coinciding with the child's eighteenth or twenty-first birthday.
Annuities
a method by which a person can receive a yearly sum in return for the payment to an insurance company of a sum of money.
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Term assurance
This is the simplest and oldest form of assurance and provides for payment of the sum assured on death, provided death occurs within a specified term
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