Life Insurance Terminology 101

While These Terms Can Be Confusing, The Better You.

If you’re unsure of what common life insurance terms like beneficiary, premium, or rider. Term life insurance is a life insurance policy that covers the policyholder for a specific term, or amount of time. A term life insurance policy that covers the policyholder for a duration of 10, 15, 20 or 30 years (or however many years the insured person chooses as the.

This Type Of Life Insurance Offers Coverage For A Set Number Of Years, Or “Term,” Of The Insured’s Life, Commonly 20 Or 30 Years.

Here are some basic life insurance terms and definitions: If the insured individual dies. Typically, term life insurance is issued in 5 year increments, such as 10, 15, 20 or 30 years.

At This Point, You Already Know The Different Types Of Life.

And in the event of your passing, the insurance company pays out a large sum. There’s a $35/month extra cost for that. Also called yearly renewable term, it guarantees coverage for one year, and can be renewed annually at a higher premium or.

At Preferred Mutual Insurance Company, We Believe In Giving You The Tools And Resources You Need To Make Confident Decisions And Live.

The amount that you pay monthly, quarterly or annually for your insurance plan. Glossary of terms incidents of ownership: Some of the life insurance 101 basics you need to know are the main differences between term and permanent life insurance.

A Level Term Life Policy That Lasts For One Year.

But it is also possible to get a term life insurance policy tailored to your specific needs. (1) the right to cash in the policy;. Adjuster a representative of your insurance.