Beneficiary– beneficiaries are people you pick to get the money from the life insurance policy.
Cash Value– it is part of permanent life insurance that can be used for loans; a source of cash, or to pay policy premiums. The cash value usually builds up over time and can be used while you are still living.
Death Benefit– the amount paid to the beneficiary when the policy holder dies.
Estate– the money and property owned by a particular person, especially at death.
Guaranteed Renewable–a policy that must be renewed by the insurance company as long as you keep paying your premium.
Inforce Illustration–an inforce illustration is a picture of your insurance policy. It will show you exactly what has happened from the beginning of your policy to now, and what may happen in the future with current assumptions. Illustrations will usually show values using current assumptions and values using the guarantees provided under the policy.
Maturity Date– the date the life insurance policy is payable.
Policy–a contract between you and the insurance company. The policy tells you what’s covered and what the insurance company is required to pay.
Premium–the amount you pay an insurance company for your policy.
