If the policy is written under trust, a beneficiary is the person who will ultimately receive the payout when you die. If not written under trust, then the proceeds will pass to your estate.
This is made when a life assured dies. Successful claims will result in a one-off cash payment. Alternatively, if chosen at outset, the benefit can be paid in annual instalments until the end of the cover period. A claim can also be made if someone is suffering from a terminal illness: in this circumstance the person will make the claim themselves. A claim can also be made for premium waiver, fracture cover and total permanent disability.
Another word for policy.
This stands for the Financial Services Authority, which is the independent financial services regulator in the UK.
Level term assurance
Life assurance for a fixed period of time. The amount you’re insured for remains constant throughout the term. At the end of the term the policy will end. The plan will never have a cash-in value.
The person(s) whose life(s) are covered by the policy.
This may be required from your doctor/GP to work out the cost of cover. This could mean an examination, tests or providing details of your medical history. We would only request this with your permission and we’ll cover the cost of obtaining it.
Another term used to describe the policy or cover.
The owner of the life assurance policy, also known as member. This is usually the life or lives assured.
The amount you pay each month or year by direct debit.
If you choose this option, for an extra cost, we'll waive your premiums if illness or injury stops you from working for more than three months. This will continue until you return to work, your 65th birthday or your cover ends.
The amount you choose to be covered for.
The period of time you're covered for.
This is defined as an illness that has no known cure or has progressed to the point where it cannot be cured where, in the opinion of the attending consultant, life expectancy is no greater than 12 months.
This is the process that assesses the risk of a claim being made. This is done by looking at the information you provide in the application form, along with other evidence such as a medical report from your doctor or a medical examination.
John Lewis Life Cover is provided by Friends Life and Pensions Limited - please read Important information (PDF). Once your policy begins you may receive documents and correspondence from Friends Life. These will always be relevant to your application or policy and will never be unsolicited.