What is a Life Insurance lump sum?
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The lump sum associated with a Life Insurance policy is the amount of money that your kin will receive should you pass away.
If you have a Level Term Life Insurance policy this figure will be the amount that you decided to take out at the start of your policy. For Decreasing Term Life Insurance policies the lump sum benefit will be updated on a monthly or yearly basis, dependant upon the insurer, to a lower sum assured at a set decrease rate. Similarly, the sum assured of an Increasing Life Insurance policy will increase at a set rate on a yearly basis provided that you take advantage of this benefit at the annual review.
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