Still Confused by Life Insurance Terms?
You're not alone — most people are. That’s why we created this quick, plain-language glossary to help you understand the terms that matter before you choose or review your coverage.
Allows you to access part of your death benefit early if you’re diagnosed with a qualifying terminal or critical illness.
An optional rider that pays an additional amount if death occurs due to a covered accident.
The person or entity who receives the payout when the insured passes away. You can name one or more primary and contingent beneficiaries.
The savings portion of a permanent life insurance policy that grows tax-deferred and can be borrowed or withdrawn.
Lets you turn a term life policy into permanent coverage without a new medical exam.
The amount of money paid to your beneficiaries when you pass away.
Health and lifestyle information used by insurers to determine eligibility and rates.
The original dollar amount of coverage stated in your policy.
A short window (usually 10–30 days) after receiving your policy when you can cancel for a full refund.
A type of universal life insurance where cash value growth is linked to a market index, such as the S&P 500, but protected from market losses.
Proof that the policy owner would suffer a financial or emotional loss if the insured passed away.
The person whose life is covered by the policy.
When a policy ends because premiums weren’t paid within the grace period.
Features that allow you to use part of your policy’s benefits while you’re still alive, often for chronic, critical, or terminal illness.
A life insurance policy that exceeds federal funding limits and loses certain tax advantages.
The individual or entity that owns the policy, controls beneficiary designations, pays premiums, and can access cash value or loans. The owner can be the insured or someone else, such as a spouse, parent, or business.
Coverage designed to last a lifetime and build cash value over time.
A loan taken against the cash value of a permanent life insurance policy.
The amount you pay (monthly, quarterly, or annually) to keep your policy active.
A rider that refunds all or part of your premiums if you outlive your term life policy.
An optional add-on that customizes your policy — such as living benefits, child coverage, or waiver of premium.
A policy that requires limited health questions and no medical exam, often approved quickly.
Coverage that lasts for a specific period (10, 20, or 30 years) and pays benefits only if death occurs within that time.
The process insurers use to assess risk and determine rates based on your health and lifestyle.
A flexible type of permanent life insurance with adjustable premiums and a cash value that earns interest.
A rider that waives your premium payments if you become disabled and can’t work.
Permanent coverage with fixed premiums, guaranteed cash value growth, and lifetime protection.
✨ Every term here ties back to one goal — helping you protect what matters most and plan for your future with clarity and confidence.