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Accelerated Death Benefit

A rider that allows the policyholder to access a portion of the death benefit early if diagnosed with a terminal illness. In some cases a chronic or critical illness...

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Beneficiary

The person or entity designated to receive the death benefit from a life insurance policy when the insured person passes away.

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Cash Value

The savings portion of a permanent life insurance policy. It grows tax-deferred and can be borrowed against or used for other financial needs.

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Contestability Period

A limited time (usually two years) after a policy is issued during which the insurance company can investigate and deny a claim due to misrepresentation or fraud.

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Conversion Option

A feature that allows you to convert a term life policy into a permanent policy without a medical exam, usually within a specific time frame.

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Death Benefit

The lump-sum payment made to the beneficiary upon the death of the insured. This is the core financial protection life insurance provides. Some companies offer monthly payments under certain circumstances.

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Face Amount

The original amount of coverage stated in the policy. This is typically the amount paid to the beneficiary upon the insured’s death, not including any riders or cash value.

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Guaranteed Issue Policy

A type of life insurance that does not require a medical exam or health questions. It’s often used by individuals who have been declined for traditional coverage.

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Insured

The individual whose life is covered by the policy. If the insured passes away, the death benefit is paid to the beneficiary.

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IUL

Type of permanent life insurance that combines the flexibility of UL with investment options tied to a market index.

October 25, 2025Read more
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