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Insurance Glossary of terms Premiums remain level. This type of certificate is frequently sold as mortgage insurance. There is no surrender value for this policy. Endowment Insurance - An insurance policy that pays a stated amount at the end of a specified period or upon the death of the insured if it occurs within that period. Family Income Benefit - Term assurance which pays money to the life assured’s dependants for a set period, rather than paying a lump sum. Guaranteed Bond - A bond in which principal and interest are guaranteed by an entity other than the issuer. Guaranteed Bonds can be income or growth. Increasing Term - The cover and the amount you pay into the policy are increased by a specific percentage each year calculated on the original sum insured. Designed as a way to increase your life cover as your earnings increase. Investment Bond - Combines investment with some life cover. « Previous Page « » Discuss it » Continue Reading »
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