I

Income protection (IP) – will pay out a benefit in the event the person insured suffers an illness and is unable to work for a period of time.  The policy will pay out until the life assured returns back to work or the end of the policy term.

Increasing term Insurance – a policy where the sum assured increases each year during the term of the policy, typically linked to retail price index

Indexation – refers to an increasing life insurance where the sum assured has been linked to retail price index

Inheritance tax – a tax arising in the event of death of an individual depending on the value of their estate

Insurable interest – broadly means that the person receiving the benefit from a policy would suffer financially in the event of the death of life assured

                                                          

Back