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Endowment Policy
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death Death is the end of life; the irreversible cessation of all biological functions that sustain a living organism. Death eventually and inevitably occurs in all organisms. The remains of a former organism normally begin to decompose sh .... These are long-term policies, often designed to repay a mortgage loan, with typical maturities between ten and thirty years within certain age limits. Some policies also insure additional risks, such as critical illness. Policies are either traditional with-profits or unit-linked (including unitised with-profits funds). With both types of policy, the value varies with the underlying investments, but the mechanism by which growth is allocated varies. The sum insured remains payable on death or other insured events. Traditional with profits endowments There is an amount guaranteed to be paid out cal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of thos ... between an insurance policy holder and an insurance , insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Death
Death is the end of life; the irreversible cessation of all biological functions that sustain a living organism. Death eventually and inevitably occurs in all organisms. The remains of a former organism normally begin to decompose shortly after death. Some organisms, such as '' Turritopsis dohrnii'', are biologically immortal; however, they can still die from means other than aging. Death is generally applied to whole organisms; the equivalent for individual components of an organism, such as cells or tissues, is necrosis. Something that is not considered an organism, such as a virus, can be physically destroyed but is not said ''to die'', as a virus is not considered alive in the first place. As of the early 21st century, 56 million people die per year. The most common reason is aging, followed by cardiovascular disease, which is a disease that affects the heart or blood vessels. As of 2022, an estimated total of almost 110 billion humans have died, or rou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Critical Illness Insurance
Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy. The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation. The policy may require the policyholder to survive a minimum number of days (the ''survival period'') from when the illness was first diagnosed. The survival period used varies from company to company, however, 14 days is the most typical survival period used. In the Australian market, survival periods are set between 8 – 14 days. The contract terms contain specific rules that define when a diagnosis of a critical illness is considered valid. It may state that the diagnosis need ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
With-profits Policy
A with-profits policy ( Commonwealth) or participating policy ( U.S.) is an insurance contract that participates in the profits of a life insurance company. The company is often a mutual life insurance company, or had been one when it began its with-profits product line. Similar arrangements are found in other countries such as those in continental Europe. With-profits policies evolved over many years. Originally they developed as a means of distributing unplanned surplus, arising e.g. from lower than anticipated death rates. More recently they have been used to provide flexibility to pursue a more adventurous investment policy to aim to achieve long-term capital growth. They have been accepted as a form of long-term collective investment whereby the investor chooses the insurance company based on factors such as financial strength, historic returns and the terms of the contracts offered. The premiums paid by with-profits and non-profit policyholders are pooled within the in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unitised Insurance Fund
Unitised insurance funds or unit-linked insurance funds are a form of collective investment offered life assurance policies. An insurance company's contract may offer a choice of unit-linked funds to invest in. Insurers that offer these contracts are mainly found in the UK and British Isles offshore financial centres. All types of life assurance and insurers pension plans, both single premium and regular premium policies offer these funds. They facilitate access to wide range and types of assets for different types of investors. The range of fund choice for investment has grown significantly in recent years with the increased trend to provide unit-linked alternatives to popular unit trust A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on ... and OEIC funds styled as ''externally ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Endowment Mortgage
An endowment mortgage is a mortgage loan arranged on an interest-only basis where the capital is intended to be repaid by one or more (usually Low-Cost) endowment policies. The phrase "endowment mortgage" is used mainly in the United Kingdom by lenders and consumers to refer to this arrangement and is not a legal term. The borrower has two separate agreements: one with the ''lender'' for the ''mortgage'', and one with the ''insurer'' for the ''endowment policy''. The arrangements are distinct and the borrower can change either arrangement if they wish. In the past the endowment policy was often taken as an additional security by the lender. That is, the lender applied a legal device to ensure the proceeds of the endowment were made payable to them rather than the borrower; typically the policy is assigned to the lender. This practice is uncommon now. Reasons for an endowment mortgage The customer pays only the interest on the capital borrowed, thus reducing the monthly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
