Low Cost Term Life Insurance Quotes
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Life Insurance Glossary
Adjustable Life Insurance - A type of life insurance which permits the policy owner to change protection from term life insurance to whole life insurance and back, increase or decrease the amount of the coverage, and raise or lower the premium. Conceptually, the desired premium level and face amount determine the type of coverage and guarantee period.
Agent - A life insurance sales person that represents an insurance company.
Annuity - A contract sold by a life insurance agent or broker that provides fixed or variable payments to an annuitant, either immediately or at a future date, usually to supplement retirement income. The income is paid from a stipulated date either until the death of the annuitant or for a specified number of years. Annuities can be classified as either deferred or immediate.
Beneficiary - The person(s) named in the policy to receive the life insurance proceeds upon the death of the insured.
Benefit - The sum of money specified in a life insurance contract to be paid to the beneficiary when a loss occurs.
Broker - A sales and service representative who handles insurance for clients, typically selling life insurance for several companies. Brokers resemble agents, except for the fact that brokers represent the party purchasing insurance rather than a specific insurance company.
Business Life Insurance - A life insurance policy that is purchased for business rather than personal use. Examples would be life insurance purchased by a business organization on the life a key employee or life insurance owned by one business partner on the life of another.
Cash Surrender Value - The amount available in cash for loans and that may be available for withdrawals. Accessing Cash Surrender Value may reduce the death benefit and may increase the risk of lapse. Note that the cash value only pertains to permanent life insurance.
Convertible Term Insurance - Term insurance that can be exchanged or converted, at the option of the policy holder and without evidence of insurability, for a permanent insurance policy.
Face Amount - The total stated on the policy that will be paid in case of death. It does not include additional amounts due under accidental death or other special provisions or acquired through the application of policy dividends, and can be diminished by loans or withdrawals.
Insurability - Acceptability to an insurance company of an insurance applicant.
Level Premium - A premium that remains the same, as opposed to increasing with the insured's age, throughout the premium payment years.
Mortgage Life Insurance - Pays off the balance of a mortgage when the policyholder dies or, in some cases, becomes disabled.
Permanent Insurance - Any form of life insurance except for term life insurance; typically insurance that builds up a cash value, such as whole life.
Policy Owner -The individual who owns a life insurance policy. This is typically the insured individual, but it may also be a relative of the insured individual, a partnership or a corporation.
Premiums - Payments to an insurance company to purchase a policy and to keep it in effect.
Term Life Insurance - A life insurance plan that covers the insured for only a certain period of time (term), not for the holder's entire life. The policy pays death benefits only if the insured dies during the term.
Variable Life Insurance - Variable Life Insurance is a type of life insurance where the death benefits and cash values are dependent on the investment performance of one or more separate accounts that may be invested in mutual funds or other investments permitted under the policy
Whole Life Insurance - Permanent insurance that provides, at the minimum, a level death benefit upon the insured's death or a cash endowment upon policy maturity which is equal to the death benefit.