Permanent Life Insurance Made Simple

Permanent Life Insurance Policy Glossary

Glossary of Terms

Beneficiary The person or organization you designate to receive the death benefit.
Cash value With permanent life insurance, part of your monthly premiums go toward insuring your life and part goes toward building money or "cash value". This part of your policy earns tax-deferred interest and can be available for loans or withdrawals.
Death benefit The payment your beneficiary will receive upon your death.
Face amount This is the amount of death benefit at the time of issue. The actual amount a beneficiary will receive may be less if you've taken out a loan or made a withdrawal.
Grace period The period of time you have, following your premium due date, to make a payment and avoid cancellation.
In force A term used to mean the policy’s coverage is in effect.
Insured The person whose life is covered by the policy purchased.
Owner The same as the insured if no other person is named in the application as the owner. The owner controls the policy during the lifetime of the insured.
Rider Benefits or features added to your policy. They may be optional or available for an additional cost.


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Agents Near 20146

  • Wendy Moore
    Wendy Moore
    44075 Pipeline Plz Ste 305
    Ashburn, VA 20147
  • Donald Kraper
    Donald Kraper
    1301 Moran Rd Ste 101
    Sterling, VA 20166
  • Ormsby Insurance Group
    Ormsby Insurance Group
    44110 Ashbrn Shpg Plz Unit 216
    Ashburn, VA 20147
  • Malan Chakravarthi
    Malan Chakravarthi
    20609 Gordon Park Sq Ste 130
    Ashburn, VA 20147
  • Marvalee Lord
    Marvalee Lord
    22636 Glenn Dr Ste 205
    Sterling, VA 20164
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