beneficiary
A beneficiary is the person or entity designated to receive the death benefit from a life insurance policy when the insured person passes away.
Related: death benefit, premium, whole life
Glossary
Life insurance terms explained clearly.
Understanding what you're reading is the first step to making a confident decision for your family.
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cash value
Cash value is a savings component found in permanent life insurance policies that accumulates over time and can be accessed by the policyholder during their lifetime.
Related: whole life, death benefit, premium, underwriting
contestability period
The contestability period is a window — typically the first one to two years of a life insurance policy — during which the insurer can investigate and potentially deny a claim based on misrepresentation in the application.
Related: death benefit, underwriting, premium, beneficiary
death benefit
The death benefit is the amount of money a life insurance policy pays to the designated beneficiaries when the insured person passes away.
Related: beneficiary, premium, term life, whole life
premium
A premium is the regular payment made to keep a life insurance policy active. Premiums can be paid monthly, quarterly, semi-annually, or annually.
Related: death benefit, underwriting, term life, whole life
term life
Term life insurance provides coverage for a fixed period of time — the term — and pays a death benefit if the insured passes away during that period.
Related: whole life, death benefit, premium, underwriting
underwriting
Underwriting is the process by which a life insurance company evaluates an applicant's risk profile to determine eligibility, coverage terms, and premium pricing.
Related: premium, term life, whole life, contestability period
whole life
Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire lifetime and includes a cash value savings component.
Related: term life, cash value, death benefit, premium, underwriting