Over 50 Life Insurance terminology R. What is Redundancy Insurance, Reviewable Premiums, Retail Price Index etc?

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    Over 50 Life Insurance Terminology - R

    Redundancy Insurance
    Another term for ‘Accident, Sickness & Unemployment Insurance’ where the policy holder is paid a monthly income should they loose their job through no fault of their own.


    Retail Price Index
    This is a statistical measure of the UK’s inflation. The measurement is updated on a monthly basis and some over 50 life insurance policies are linked to the RPI to help protect their value from the effects of inflation.


    Renewable Term Insurance
    This is an option where a life insurance policy can be renewed at the end of it’s term for the exact same amount of cover without the need for a medical report.
    This is most common with
    Over 50 Life Insurance Policies but please note that if you are over 65 at the time of your policy expiring, you may experience difficulties renewing for the same amount.


    Redundancy
    This is where you have been made unemployed by your employer through no fault of your our such as staff cuts, relocation, the employer going bust etc.


    Reviewable Premiums
    This is where your premiums can be reviewed and increased if required by the insurance provider.


    Risk
    This is the term given to the evaluation of the chances of an applicant making a claim on an insurance policy. Each risk assessment is calculated on an individual basis taking into account an applicants lifestyle, occupation, current state of health, family medical history etc


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