Level
Term Life Insurance | Term
Life Insurance Company | Life
Insurance Definitions | Life
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Level Term Life Insurance DefinitionsBeneficiaryThe person(s) named in the term life insurance policy that are to receive the life insurance proceeds upon the death of the insured. Cash (Surrender) ValueThe amount that is available in cash for loans and that might be available for withdrawals. Accessing Cash Surrender Value may reduce the death benefit and may raise the risk of lapse. Convertible Term InsuranceTerm insurance that can be exchanged (converted), at the option of the term life insurance policy owner and without proof of insurability, for a permanent insurance policy. Face AmountThe amount stated on the face of the term life insurance policy that will be rewarded in case of death. It does not include further amounts payable under accidental death or other special provisions, or acquired through the application of policy dividends. InsurabilityThe acceptability to the company of an applicant for insurance. Insured or Insured LifeThe person on whose life the term life insurance policy is issued. Level Premium (Life Insurance)A life insurance on which the premium stays the same year after year. The premium is normally higher than the actual cost of protection in the earlier years of the policy and less than the actual cost in later years. The building of a reserve is the natural result of level premiums. The payment in the early years, together with the interest that is to be earned, serves to balance out the underpayment of the later years. Loan (Policy Loan)A loan made by a life insurance company that is from its general funds to a policy owner on the security of the cash value of a policy. Paid-up InsuranceInsurance that will stay in force with no need to pay additional premiums. Participating PolicyA life insurance policy that is eligible for payment of dividends by the insurer. Permanent (Life Insurance)Any form of life insurance except term; generally used for insurance that builds up a cash value, such as whole life. PolicyownerThe person who owns the term life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a corporation or a partnership. PremiumsPayments to the insurance company to buy a policy and to keep it in power. Renewable Term InsuranceTerm insurance that can be renewed at the end of the term, at the option of the policy owner and without evidence of insurability, for a limited number of successive terms. The term life insurance rate usually increase at each renewal as the age of the insured increases. Term Insurance Term life insurance is life insurance coverage at a guaranteed
rate for a specified length of time. (Example: a 20 year level
term would guarantee a level premium for 20 years based on the
specified death benefit). A term life insurance is typically the
least expensive form of life coverage. Get Your Free Term Life Insurance Quote Today!Quotes Term Life Insurance - Affordable Rates and Superior Service!We are committed to providing you quality term life insurance at a rate you can afford, as well as unsurpassed customer service and consumer empowerment. We offer our clients the most Affordable Term Life Insurance Rates as well as access to first-class life insurance customer service. --------------------------------------------------------------------------------
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