Confused? Here’s our Insurance Jargon Buster

Payments that have been missed

Insurance cover helps an individual or an entity to protect themselves from unforeseen events, for example, a serious illness or death. The cover acts as a safety net, protecting the plan holder financially in unexpected situations.

We use a Reinstatement Declaration of Health where a plan has lapsed due to non-payment of premiums. Through the form, we ask that you declare your health has not substantially or adversely changed in the past 12 months.

Direct debits and standing orders are automatic payments set up to pay regular payments.

A direct debit mandate is the authorisation you give to your bank that allows the insurance company to collect payments from your bank account.

An insurance plan or policy is a contract between the insurance company and the plan holder. In that contract, the insurance company commits to provide benefits in exchange for the premiums the plan holder commits to pay.

This is the termination of an insurance plan before its planned expiration date, by either the insured person or the insurance company.

A premium is the amount of money you pay to an insurance company for the benefits under that insurance plan.

The UMR is the unique identification text/number for a direct debit mandate.