On Life Insurance
Have you thought of any life insurance term that could be understood by all who avails for it? The terms used for life insurances have made confusion to many people. The common life insurance terms have been provided to you in a quicker guide.
What Do We Mean By Accelerated Benefits
With the life insurance policy, someone who is diagnosed with a terminal illness can receive part of their death benefit early and this is what accelerated benefits imply. Someone who is permanently restricted to living in a nursing home maybe allowed to avail for the accelerated benefits.
The Things You Need To Know With Convertible Term Life Insurance
Without medically qualifying, a convertible term life insurance policy allows you to convert to a different type of life insurance policy, such as whole life.
The Things You Need To Know With Decreasing Term Life Insurance
A decreasing term life policy is a term that pertains to decreases by a set amount each year for the duration of the policy period.
Evidence Of Inseparability And Its Concepts
The medical information termed in as evidence of inseparability about you that a life insurance company uses to determine if you qualify for life insurance. The evidence of inseparability can also include other information about you such as financial and credit information.
What Is Face Amount
Face amount is the total amount of life insurance that will be paid upon the death of the insured to the beneficiary.
What Does Grace Period Mean
Grace is an insurance term describes the period of time after the due date for the premium on the policy that it can be paid without penalty. Each company may have different conditions, yet most of the race period takes for 30days.
What Is Guaranteed Inseparability
The insured policyholder are allowed to buy with the Guaranteed inseparability to buy additional amounts of life insurance in the future without having to medically qualify.
What Is Insured
Insured is the person who is covered by the life insurance policy
What Is Lapse
Lapse is the insurance term that describes the discontinuance of the life insurance policy from not paying the required premium.
People should know about the Level Term Life Insurance
Throughout the life of the policy, the Level Term Life Insurance is a fixed amount of term life insurance that remains.
What Does Loan Value Mean
The total amount that can be borrowed against the life insurance policy is termed as loan values.
What Does Mortality Table Mean
Mortality table is a table showing the statistical death rate for every age.
What People have To Understand With Paid Up Insurance
The paid life insurance is the term that refers to a policy that is completely paid off with no further premiums due.
What Is Premium
The cost for the life insurance policy is referred to as premium. Monthly, quarterly, semi-annual, or yearly basis are the forms of your premiums.
What Is Rated Up Policy
Rated up policy implies that a higher than normal premium due to the increased risk involved from the insured health, hobbies, or employment category.
What People Should Know With Reinstatement
The term reinstatement is a term that means restoring a life insurance policy that was previously lapsed.
What Is Settlement Option
How the beneficiaries wish to have the policy benefits paid out are provided with statement options.
Surrender is the life insurance term that is used when someone voluntarily cancels their policy for the cash value.
The Term Life Insurance
A coverage for a specified period of time is provided in by the life insurance policy that is termed as life insurance.
Concept Of The Waiver Of Premium
Waiver of the premium provides for a waiver of future premium payments due to the disability of the insured.