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Accelerated Death Benefit
An accelerated death benefit pays part of a life policy's death benefit while you are living if you…
Attained Age
Attained age is your age on the date a carrier prices a new life policy, a renewal, or a conversion.…
Death Benefit Options
Death benefit options choose a level payout or a payout that adds cash value. Who receives the money…
Free Look Period
A free look period is the days after a life policy is delivered when you can return it for a full pr…
Grace Period
A grace period is the extra time after a life premium is due before the policy lapses. Pay inside it…
Graded Death Benefit
A graded death benefit pays a limited amount if you die of natural causes in the first years. After…
Issue Age
Issue age is the age the carrier used when a life policy was issued. Level premiums stay based on th…
MIB Report
An MIB report is a coded record of conditions you disclosed on earlier insurance applications. Carri…
Net Surrender Value
Net surrender value is the cash you receive if you cancel a permanent life policy, after loans and s…
No-Lapse Guarantee
A no-lapse guarantee keeps a universal life policy in force if you pay the required premium on time,…
Partial Surrender
A partial surrender takes cash value out of a permanent life policy and usually reduces the death be…
Policy Fee
A policy fee is a flat charge added to the life insurance premium. It makes a small policy cost more…
Policy Illustrations
A policy illustration shows guaranteed values and non-guaranteed projections. Only the guaranteed co…
Policy Loan
A policy loan borrows against life insurance cash value. Unpaid interest adds to the loan, and the d…
Reinstatement Period
A reinstatement period is the time after a life policy lapses when you may restore it by paying what…
Replacement and Exchanges
Replacing a life policy means dropping one contract for another. You can lose the old rate, the cont…
Temporary Insurance Agreement
A temporary insurance agreement can cover you while a life application is pending, if you meet its t…
Waiver of Premium
Waiver of premium is a life insurance rider that pays the policy premium if you are disabled under t…
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