If you die while the policy is in force, you’ll leave behind a lump sum of cash for whomever you choose. Because term life insurance doesn’t last forever and has no cash value, it’s typically much cheaper than whole life insurance. » MORE: Term life insurance definition Key terms...
Define Term policy. Term policy synonyms, Term policy pronunciation, Term policy translation, English dictionary definition of Term policy. 1. A policy of term insurance. Webster's Revised Unabridged Dictionary, published 1913 by G. & C. Merriam Co
Term life insurance provides a death benefit for a specified period of time that pays the policyholder's beneficiaries. Once the term expires, the policyholder can either renew it for another term, possibly convert it to permanent coverage, or allow the termlife insurance policyto lapse. ...
Life insurance provides financial security for when things go wrong. In the case of life insurance, that would be the death of the policyholder. By ensuring that a policy is in place, the insured helps ease any potential financial burdens (at least, for a certain period of time) by providi...
Permanent life insurance refers to coverage that never expires, unlike term life insurance, and combines a death benefit with a savings component.
level term insurance.A definition for the term "level term insurance," is presented. It refers to a life insurance policy in which an agreed lump sum is paid if the policyholder dies before a certain date.EBSCO_bspBloomsbury Business Library Business & Management Dictionary...
Variable Life Insurance Advantages 变额寿险的优势 An attractive feature of the variable life insurance product is its flexibility regarding premium remittance and cash value accumulation. Premiums are not fixed, as with traditional whole life insurance or term insurance policies. Within limits, policyholde...
Define long-term. long-term synonyms, long-term pronunciation, long-term translation, English dictionary definition of long-term. adj. Involving, maturing after, or being in effect for a long time: a long-term investment. American Heritage® Dictionary
Permanent Term Life Insurance Definition: Guaranteed Universal Life Insurance is called a permanent term, or lifetime term for a few reasons. The first being the fact that it offers the same kind of simplicity as term life insurance. Unlike whole life, there are no cash value accumulation or ...
A term life insurance policy provides a benefit upon the death of the policyholder, but ceases to provide this benefit if he/she is still alive when the policy expires. Upon expiration, the policyholder may decide to renew the policy or let it lapse. If the policy lapses, the policyholder ...