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Life Insurance Terminology

Beneficiary

The person or persons who will receive the benefit payment of your life insurance policy.

Final Expenses

These can include funeral expenses, unpaid hospital bills, credit card balances or other debts, probate costs, or estate taxes. When you are evaluating your needs for life insurance, you should carefully consider your final expenses.

Fully Underwritten

Life insurance plans which require some medical screening as part of the application process are referred to as fully underwritten plans. The screening frequently includes a paramedic exam to determine height, weight and blood pressure. A blood and/or urine analysis, along with other tests may also be conducted.

Premium

The price you pay for your insurance coverage.

Simplified Issue

Simplified issue means that you don't have to complete a lengthy health questionnaire or generally don't need to get a physical to apply for coverage. Your answers to a few health questions will help determine your eligibility.

Term Life Insurance

This is straightforward insurance protection that covers you for a set period of time - the term. It can be one of the most affordable ways to buy life insurance. That's why many experts recommend this type of plan. Term insurance policies are generally renewable after the initial term, even if your health has changed. Some term insurance policies can be converted to a whole life policy, even if you are not in perfect health.

Whole Life Insurance

Whole life insurance offers coverage for a lifetime, your premiums do not increase over time, and your coverage builds cash value. You can borrow against this cash value by taking a policy loan. For people who want permanent protection, whole life insurance can be a good choice.