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05:53 Nov 21, 2001
French to English translations [PRO] Bus/Financial
French term or phrase:Hypothèque liée à une assurance-vie
Life assurance for the period when you need it most
You pay a fixed, regular premium over a specific term which you choose
A guaranteed lump sum payment if you die during that term
There are many times when you may want the security of term assurance cover. You could have a young family and need to protect each other against the difficulties that would arise if one of you died. You may want extra protection on top of your existing life assurance provisions. Or perhaps you have a PEP or pension mortgage and need the reassurance of knowing that your mortgage will be paid off if you were to die.
Royal Liver's term assurance policy offers you a cost effective way to do all these things. You can select both the term of cover and the sum assured. Joint cover for you and your spouse is also available. At the end of the term, cover simply ceases.
Explanation: Thought you might find this useful. From your original term, it is difficult to see which type is being referred to. Two basic types of mortgage are popular in the UK, commonly known as either repayment mortgages and endowment mortgages. There is also a third, less common interest only type mortgage. Each type has a number or possible options as to interest : fixed/variable rate, discounted or capped. You might like to read through this to see whether it matches up. Don’t forget, that whatever your type of mortgage, a life assurance policy may be linked to it, even with a repayment mortgage.
- A repayment mortgage is one where each monthly instalment comprises an amount representing a part of the capital borrowed and interest.
- An endowment mortgage is one where the borrower’s monthly repayments cover interest on the loan and payments to an insurance company savings plan (which the borrower intends to sue to repay the capital at the end). They can be “with profits” or “unit linked”.
- An interest only mortgage is one where your repayments reimburse the interest on the loan, the capital only being paid upon at the end of the agreed term, This money is ‘found’ from investing further capital.