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Lapsed with value
If a policyholder stops paying premiums, the life cover and other benefits may end but the policy could still have a surrender value. Full details of what happens when policyholders stop paying premiums and the options available to them are given in the policy terms and conditions.

Lapsed without value
If a policyholder stops paying premiums, the life cover and other benefits may end and the policy will have no value. Full details of what happens when policyholders stop paying premiums are given in the policy terms and conditions.

Life assurance
A policy that pays out a lump sum if the policyholder dies.

Life assured(s)
The person(s) who are named on a policy and upon their death will trigger the policy proceeds to be paid. Please also see "Joint life first death/joint life last death/joint life both death".