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Permanent Life Insurance Made Simple

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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