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The Mortgage Route A to Z
Term assurance

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

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Letter T

Term assurance

The most basic and cheapest of all life insurance. The life or lives assured are covered in the event of claim for a specified amount of money and for a specified period of time.

If an insured person dies within the policy term the sum assured is paid out. If all insured persons survive the term the premium has been spent and the insurance ends with nothing being paid to the policyholders.

FSA declaration and important text about mortgage advice