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Lapse - of a policy. Normally as the result of non payment of premiums, a policy is

terminated by the insurance company.

Level Term (insurance/assurance) - a policy without any savings element, where, if the

person dies or gets a critical illness etc (according to policy type), during the term of

the policy, a payment is made.

Life Insurance Bond - a type of investment offered by life offices.

Life Office - an insurance company that provides life insurance policies.

Lifetime Allowance - the maximum fund size that qualifies for the tax advantages of pension schemes.

Lloyds - not to be confused with the bank, Lloyds is an insurance market in London. It is

possible to be an investor in this market, but only if you understand the risks.

Long (stocks/shares) - to be invested in a stock or share. The normal position, you hold

what you think will go up.

Low Start Mortgage - a mortgage where the initial interest rate is low, and then increases.

May also mean that the rate is not low, but payments are, (and you make this shortfall up

later). Only for people with very good reason to believe that their income will rise by

enough to meet the higher payments.

Lower Earnings Limit (National Insurance) - when your earnings exceed this limit you become subject to National Insurance..