Life Insurance Terms
Term, whole, universal and variable life, plus the mechanics that decide what a policy actually pays: death benefit, cash value, beneficiaries, riders and conversion rights.
15 definitions
Accidental Death and Dismemberment (AD&D)
AD&D pays a fixed benefit if an accident causes death or loss of a limb, sight, or hearing. See the payout schedule, the exclusions, and why it is not life cover.
Beneficiary
Beneficiary definition - Learn what a beneficiary is, how to name one, and the different types of beneficiaries.
Cash Value
Cash Value definition - Learn what cash value is in life insurance, how it grows, and how you can use it.
Convertible Term Life Insurance
Convertible Term Life Insurance definition - Learn what convertible term life insurance is, how it works, and when to use it.
Death Benefit
Death Benefit definition - Learn what death benefit is, how it works, and why it's important for life insurance.
Final Expense Insurance
Final expense insurance is a small whole life policy sized to funeral and burial costs. See how simplified and guaranteed issue differ, and where the waiting periods bite.
Indexed Universal Life (IUL)
Indexed universal life credits cash value from an index with a floor and a cap. See how the crediting works, where the charges come from, and what the illustration omits.
Level Term Life Insurance
Level Term Life Insurance definition - Learn what level term life insurance is, how it works, and why it's a popular choice.
Life Insurance
Life Insurance definition - Learn what life insurance is, how it works, and the different types available.
Life Insurance Riders
Life Insurance Riders definition - Learn about common riders, how they enhance your policy, and when to add them.
Term Conversion
Term Conversion definition - Learn what term conversion is, how it works, and why you might want to convert your term life policy.
Term Life Insurance
Term Life Insurance definition - Learn about term life insurance, how it works, and why it's a popular choice.
Universal Life Insurance
Universal Life Insurance definition - Learn about universal life insurance, its flexibility, and how it combines protection with investment.
Variable Life Insurance
Variable Life Insurance definition - Learn about variable life insurance, its investment component, and risk-reward characteristics.
Whole Life Insurance
Whole Life Insurance definition - Learn about whole life insurance, how it builds cash value, and its benefits.