A Legal document that states how an Individuals property is transferred after death. A will can also specify how certain responsibilities regarding the estate are to be performed. For example, A Will can state who would be responsible for the children, and how they are to be educated, etc. The Courts enforce the provisions of a Will unless there is a legal reason for it to be overriden. Many Financial Advisors recommend having a will to ensure that the Individual's wishes are carried out.
Is a policy that pays the total amount, plus bonuses accumulated during the length of the policy. The individual would pay a slightly higher premium, the annual bonus would be raised from the insurance company's own profits and is viewed as less voltile than Unit Linked Investments.
Is a Life Insurance policy with level premiums that has Investment and Insurance components. The investment component accumulates a cash amount that the individual can withdraw or borrow against. The insurance component pays an amount upon the death of the individual. The investment component is depedant on the level of life cover taken for the premium and can vary between maximum life cover/minimal investment and minimal life cover/maximum investment amounts.
A Wrap can be an Account or Service,as a way of consolidating and managing an Individual's Financial Plans and Investment Portfolio in one place but with access to many products and investments. Wraps are offered by many financial institutions. Wrap services are paid via fees or a series of charges. These charges cover all management and administrative costs. This type of service is what is also known as a Financial Platform Service or Investment Platform.