The annual premium is one of the four modes of premium you can select to pay your policy. Many of the insurance companies will give you a discount for paying your policy annually.

Payment of a fixed sum of money to a specified person at regular intervals.

This is a term policy where the premium increases a little bit every year and the coverage stays the same.

This is the entity that life insurance proceeds are passed to when an insured dies. This can be a person, trust, or estate.

An old legal term for a will provision leaving personal property to a specified person or organization. Also known as a "gift."

This is the entity that a life insurance benefit would pay to if the primary beneficiary deceased before the insured.

In most cases the life insurance company has two years to find any material misrepresentations in a contract.

This allows you to bind your life insurance coverage by submitting your first two months premiums with your life insurance application and medical exam.

The amount of money you can receive if you surrender your life insurance policy or annuity. If there is a policy loan, the cash surrender value is the difference between the cash value printed in the [..]

Taxes levied on the property of a person who died. Federal death taxes are called "Estate Taxes." State death taxes (if any) go by various names, including "inheritance tax."