Policy Number
Unique reference that identifies your plan(s)
With Profits
Pooled investment where policyholders pay in through lump sum investment or regular premiums
Annual Bonus
Applied to with-profits plans throughout the calendar year and officially declared on 31 December
Final Bonus
Typically added at withdrawal or plan maturity
Guaranteed Death Benefit
The amount guaranteed to be paid out on death
Sum Assured
The guaranteed amount of money paid to beneficiaries (like family) when the policyholder dies, or upon the policy's maturity
Asset
Investments that the With Profits fund holds
Investment Value
The cash in value of the plan (which may fluctuate)
Qualifying Withdrawal
Refers to Lifetime ISAs only where the funds are used towards a property purchase or as a fund accessible at age 60. If used for any other purpose this would be classed as a ‘Non -Qualifying Withdrawal’
Rolling Option
Available for some fixed plans where a new policy starts each year
Escalator
Automatically increases monthly contributions each year (opt out at any time)
ISA Allowance(s)
Each tax year, the UK government lets you put up to a set amount of money into ISAs. Any interest, dividends, or investment gains inside them are tax-free
Tax-Free
You keep all the funds, both savings and growth – none goes to the government
Tax -Efficient
Some tax is paid, often on your behalf but the product is designed to reduce how much you pay.
