Over 50 Life Insurance terminology I. What is an Insurance Policy, Insurance Quote, Intestate, Indexed Linked etc.

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    Over 50 Life Insurance Terminology - I

    Insurance Policy
    This is the name given to the documentation which forms the contract between the customer (Policy holder) and the Insurance company / provider.


    Income Protection Insurance
    This is an insurance policy which pays the policy holder a percentage of their normal monthly income should they suffer and accident, become sick or become unemployed (made redundant).


    Indexed Linked
    This means that your over 50 life insurance policy is linked to the Retail Price Index (RPI) to help combat it against inflation


    Insurance Quote
    A process of where a UK insurance provider offers your their products / services for a certain price. For example, when you fill out our Over 50 Life Insurance quote form one of our trusted commercial partners will then compare ‘Insurance Quotes’ from many different providers.


    Intestate
    If, at the time of your death, you have not made a will then you are said to have die intestate. This means that the government will decide the proceeds of your estate.


    Increasing Term Insurance
    This is the term given to an over 50 life insurance policy who’s value increases over time.
    This is usually done by a fixed amount or a percentage amount per year.


    Insurable Interest
    This is the term given to someone else who you have taken an over 50 life insurance policy out on.
    Because you will suffer a significant financial loss should this person die you can insure their life for yourself and they are then an ‘Insurable Interest’.


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