Glossary

Survival benefit

A payment made at defined points during the term, provided the life assured is alive.

Some savings-type policies pay amounts at intervals during the term rather than only at maturity. These are survival benefits, payable on the stated dates if the life assured is living.

They are distinct from a maturity benefit, which is paid at the end.

Related terms

  • Maturity benefit The amount payable if you survive to the end of the policy term.
  • Endowment policy Life cover combined with a contractual payout at maturity, whether or not a claim is made.

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