||The person or organization you designate to receive the death benefit.
||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.
||The payment your beneficiary will receive upon your death.
||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.
||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.