WAIVER OF PREMIUM
If you have a policy (such as life insurance or a pension) that includes a waiver of premium, you won't have to continue paying the premiums if you become ill and are unable to work. Instead, they're paid for you.
WHOLE-OF-LIFE INSURANCE
As the name implies, it's a life insurance policy that lasts throughout your life. It is more expensive than term assurance because it guarantees to pay out when you die whereas term insurance only pays out if you die within a specified number of years.
WILL
A legal document that sets out what you would like to happen to your assets (such as property, shares, pension and/or cash) and who should look after any children you have. If you don't have a will, the law decides who gets what.
WILL WRITER
Many people use a solicitor to draw up a will, but there are other options, such as a professional will writer. Some will writers are very good, but will writers are unregulated and there are some companies around that do not offer a very good service. Do some research if you decide to use a will writer.
WINDING UP
The process of closing a firm's occupational pension scheme. It is normally done because the employer doesn't want to operate the pension scheme any longer or because the scheme's insolvent.
WITH-PROFITS POLICY
A type of investment (such as a pension or endowment) where the return is 'smoothed' over the years. In good times, some of the return is held back so you receive something when investments are not performing well. The theory sounds OK, but with-profits policies are often very opaque and it can be impossible to work out whether or not the return is a fair one.
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