Life Insurance Guide
Life Insurance Resources: A Comprehensive Guide to Life Insurance
Understanding your life insurance needs can be challenging. This resource hub brings together helpful articles on topics like coverage types, common insurance terms, and costs. Whether you’re looking for ways to lower your premium or just want to learn the basics, these resources can help.
Terms to know:
Annuity
This is a contract in which the buyer deposits money with a life insurance company for investment on a tax-deferred basis.
Beneficiary
This is the person or entity designated to receive the death benefit from a life insurance policy or annuity contract.
Contestable Period
For up to two years, a life insurance company may deny payment of a claim to beneficiaries because of suicide or misrepresentation on an application.
Death Benefit
This term refers to the amount that will be paid to the beneficiary upon the death of the insured. The phrase “death benefit” is common life insurance terminology you’ll see in a life insurance policy.
Insured
This is the person whose life is insured by the policy. The insured may also be the policyholder.
Policy
This is the official, legal document that includes the terms of the policy owner’s insurance. The policy will name the insured, the policy owner, the death benefit, and the beneficiary.
Premium
The payment the customer makes to the insurance company to pay for the policy. It may be paid annually, semiannually, quarterly, or monthly.
Types of Life Insurance
Move beyond the basics and learn about the different types of life insurance coverage.
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