A type of insurance that provides payment if the insured’s death is the result of an accident, if he/she becomes paralyzed, loses limbs, or permanently loses eyesight.

An optional life insurance add-on that pays extra benefits above the face amount if the cause of death is a covered accident.

A type of term insurance that provides one year of coverage and automatically renews each year. Premiums increase every year and the annual increase gets larger as the insured gets older.

The person, people or organization that receives a life insurance death benefit.

Temporary coverage to protect an insurance applicant during the underwriting process.

Most permanent life insurance policies have a built-in cash accumulation function. The policy owner can borrow against it or receive payment if they cancel the policy.

A policy owner can submit a payment along with their application. This provides “conditional” coverage during the underwriting process. If the applicant dies during the underwriting process, the insur [..]

The person, people, or organization that will receive the life insurance death benefit if the primary beneficiary dies before the insured.

The ability to convert a term life insurance policy into a permanent policy, usually without a medical exam or proof of insurability.

The payment a policy’s beneficiaries receive when the insured dies. Also known as the face amount or proceeds.