Chapter IPT02320

Published date15 April 2016
Record NumberIPT02320

The main classes of long-term insurance are:

  1. Life insurance, which is usually one of two broad types:
  • that sold as investment (on the basis that if the insured dies the policy pays a claim, or if the insured has not died by the time the policy matures it pays a sum based on the premiums received plus an investment return) – this is known as endowment business; and
  • whole life or term insurance (which only pays out on death): term insurance is of limited duration, and only pays out if death takes places during the term of the policy;
  1. Pensions insured business;
  2. Permanent health insurance (PHI) or income protection...

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