Accelerated Death Benefit

A benefit included in life insurance policies or available as an optional rider. The benefit allows an insured to access a portion of the death benefit before death.

A cash value policy that matures (endows) before an insured’s lifetime age, typically 95 or 100.

A life policy designed to provide a lump sum benefit to pay funeral or burial expenses, subject to specific California requirements.

Limited pay life insurance

A whole life policy that protects the insured for life, that requires premium payments for limited period which is less than the insured’s lifetime. The policy develops cash values.

Single pay life insurance

A life insurance policy that provides lifetime coverage for a one-time single payment when issued. The policy develops cash values.

A policy that provides coverage for a specific period. If the insured dies during the coverage period, the death benefit is paid to a beneficiary, provided premiums have been paid. There is no cash value.

Term life with Return of premium

A term policy that builds a cash value to return the premiums paid at the end of the term if the insured is still alive.

Universal Life Insurance

A cash value life insurance program with an investment element that is less volatile than a Variable Life or Variable Universal Life policy. The insured has flexibility in premiums, cash value growth, and determining the death benefit.

Variable life insurance

A permanent life insurance with an investment element involving a separate account (mutual funds.) The insured, rather than the insurer, accepts the risks and receives the rewards of investing.

Variable Universal Life Insurance

A cash value life insurance plan that offers the most flexibility and significant risk. The cash value growth is not guaranteed.

If an insured paying their premiums is disabled, the waiver of premium provision waives future payments and keeps the protection in force.

This permanent insurance policy provides death protection for the insured's “whole life” (actuarially). The insured cannot outlive the protected amount. The policy develops cash values.

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Accelerated Death Benefit	A benefit included in life insurance policies or available as an optional rider. The benefit allows an insured to access a portion of the death benefit before death.
Endowment contracts	A cash value policy that matures (endows) before an insured’s lifetime age, typically 95 or 100.
Funeral insurance	A life policy designed to provide a lump sum benefit to pay funeral or burial expenses, subject to specific California requirements.
Limited pay life insurance	A whole life policy that protects the insured for life, that requires premium payments for limited period which is less than the insured’s lifetime. The policy develops cash values.
Single pay life insurance	A life insurance policy that provides lifetime coverage for a one-time single payment when issued. The policy develops cash values.
term life insurance	A policy that provides coverage for a specific period. If the insured dies during the coverage period, the death benefit is paid to a beneficiary, provided premiums have been paid. There is no cash value.
Term life with Return of premium	A term policy that builds a cash value to return the premiums paid at the end of the term if the insured is still alive.
Universal Life Insurance	A cash value life insurance program with an investment element that is less volatile than a Variable Life or Variable Universal Life policy. The insured has flexibility in premiums, cash value growth, and determining the death benefit.
Variable life insurance	A permanent life insurance with an investment element involving a separate account (mutual funds.) The insured, rather than the insurer, accepts the risks and receives the rewards of investing.
Variable Universal Life Insurance	A cash value life insurance plan that offers the most flexibility and significant risk. The cash value growth is not guaranteed.
Waiver of Premium	If an insured paying their premiums is disabled, the waiver of premium provision waives future payments and keeps the protection in force.
Whole life insurance	This permanent insurance policy provides death protection for the insured's “whole life” (actuarially). The insured cannot outlive the protected amount. The policy develops cash values.

Created by: Lupe12

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