Glossary of Terms
Terms may not apply to all policies.
||The person or organization you designate to receive the death benefit.
||The portion of a permanent life insurance premium that grows over time and can be available for loans or withdrawals. Your policy is term insurance, so it does not accumulate cash value.
||The payment a beneficiary will receive upon your death.
||This is the amount of death benefit at the time of issue.
||The period of time you have, following your premium due date, to make a payment and avoid cancellation.
||A term used to mean the policy's coverage is in effect.
||The person whose life is covered by the policy purchased.
||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.
||Benefits or features added to your policy. They may be optional or available for an additional cost.