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2 Life insurance products an overview The actual products or contracts discussed in this chapter are pure endowment and endowment assurance, whole life assurance, term assurance, both level and decreasing, convertible and renewable term assurance, immediate annuity, deferred annuity, income drawdown, investment bond, income protection insurance, critical illness insurance, keyperson cover, longterm care insurance. For each of these products we consider Definition of benefits For each of the products it is important to know whether a benefit is paid on death, maturity, surrender or some other event eg becoming ill. Use of the product to meet customers needs As part of your active study of this chapter, having read the description of a contract, consider what customer needs it may be used to meet. Then read on and compare your thoughts with the needs described. Whether a group version exists As the name suggests, a group version of a contract is a contract that covers a group of lives. The group is specified eg all employees of a particular company but not necessarily the individuals within it. Exam Tip Make sure by the time of the exam that you can explain the three bullet points above for each of the products in the list at the top of the page.