Term Life Insurance
temporary protection because it only provides coverage for the number of years specified in the contract
Level Term Insurance
death benefit does not change throughout the life of the policy
Annually Renewable Term
as with all level term policies, this provides a level death benefit for a term of one year, upon renewal the premium increases each year with age
Annually Renewable Term
death benefit remains level, but the premium increases annually according to the attained age
Level Premium Term
provides a level death benefit and a level premium during the policy term
Decreasing Term
a level premium and a death benefit that decreases each year over the duration of the policy term
Whole Life Insurance
permanent protection, as long as the premium is paid, coverage will continue for the life of the insured
Cash Value
living benefits which the policyowner can borrow against
Continuous Life (Straight Premium)
charges a level annual premium for the lifetime of the insured and provides a level, guaranteed benefit
Limited-Pay Whole Life
level annual premium, level guaranteed death benefit, endows for the face amount if the insured lives to 100
Single Premium
designed to provide a level death benefit to the insured's age 100 for a one-time, lump-sum payment
Indeterminate Premium
provides a current premium scale and a maximum premium scale, beyond which premiums cannot be raised
Graded Premium
premiums start out relatively low and then level off at a point in the future
Current Assumption
indeterminate premium life policy with cash values being credited at current interest rates. guaranteed minimum interest rate along with current and maximum guaranteed mortality charges
Adjustable Life
can assume the form of either term insurance or permanent insurance
Universal Life Insurance
death benefit can be increased or decreased depending on the insurance needs of the policyowner. Policyowner has has the flexibility to increase or decrease the amount of premium going into the policy
Equity Indexed Universal Life
policy with an equity index as its investment feature. cash value is dependent upon the performance of the equity index. cash values and death benefit are not guaranteed
Joint-Life
single policy that is deigned to insure two or more lives. death benefit is paid upon the first death only
Grace Period
period of time after the premium due date during which the policyowner must pay the premium before the policy lapses (31 days)
Incontestability
prevents and insurer from denying a claim due to statements in an application after the policy has been in force for 2 years, even on the basis of material misstatement of facts