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Glossary
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Basic Sum Assured
Lump sum amount paid to the
policyholder once the endowment matures
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Financial Ombudsman Service
(FOS)
Organisation that serves as the consumer rights advocacy group
for cases in the UK concerning the financial market.
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Life Cover Element
A component of the premiums payable that guarantees a fund
will be available to continue paying off the mortgage if the
policyholder dies before the endowment reaches maturity.
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Traded Endowment Policy (TEP)
Also called “second-hand” endowments, these are
previously owned policies offered on the market to new buyers.
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