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A self-contained policy, or supplementary benefit to an existing policy, that provides an additional amount of money to the basic death benefit of a life insurance policy. This extra sum is payable if the insured dies or loses any two limbs or the sight of both eyes as the result of a covered accident. Certain plans pay one half of the benefit amount if the insured loses sight in one eye or one limb.
A contract for a series of payments to be received at periodic intervals for a specified amount of time. Or, a series of payments made at regular intervals.
The person or other party designated to receive the life insurance policy proceeds.
The sum of money that a whole or permanent life insurance plan accumulates over time which is then available for loans or paid out.
A document that specifies the type and amount of coverage which an individual member is entitled to under a group insurance plan.
A request for benefit payment under the terms of an insurance policy.
The right to change insurance coverage from one policy to another; i.e., the right to change from a group life insurance plan to an individual policy.
This rider offsets the impact of future inflation (the effect of the devaluation of money over time) on the value of life insurance policies bought today. A Cost of Living Adjustment rider changes the face amount of the policy each year by a stated percentage.
The amount of money paid or due to be paid when a person insured under a life insurance policy dies.
A type of policy where the amount of life insurance coverage decreases over time.
The stated amount of a life insurance policy that is payable upon the insured's death.
Premium payments that remain the same for the duration of the insurance policy.
The insurance of an individual's life through a policy that pays a certain amount of money if that person dies while the policy is in effect.
A policy provision or rider that advances money from a life insurance policy should the insured become terminally ill or permanently confined to a nursing home. This benefit may vary by policy. Check the definition and terms of the coverage you are considering.
The amount paid to keep an insurance policy in force
An insurance plan that provides an individual's basic insurance coverage.
An insurance policy or policies that protect against the loss of real property such as a home and its contents, and protect against personal liability losses associated with the property, as defined by the policy.
Amendment to an insurance policy that becomes a part of the insurance contract and expands or limits benefits payable.
A separate insurance plan that is bought in addition to a primary insurance plan to provide extra benefits and more coverage
Term life insurance provides protection for a specified and limited period of time, typically from one to 20 years. The benefit is paid only if the insured dies before the end of the specified term. The policy expires at the end of the set term, or if premium payments are stopped. These policies do not build cash value.
Universal life insurance is similar to whole life insurance but offers more flexibility. It incorporates two components: a term insurance policy and an investment account, from which the term insurance premiums are paid. The amount of premium paid may change the death benefit and cash value.
A policy provision or rider under which the insurer waives its right to collect the policy's premiums in the event of total disability as defined by the policy.
Coverage that can remain active for the insured's lifetime with a cash value that grows over the years. These policies provide the opportunity to build the cash value, which the insured can borrow against or take withdrawals. If the policy is cancelled, the insured receives a lump sum payment equal to the cash value amount.