LIFE INSURANCE
PERMANENT LIFE
Life
Insurance against loss due to the death of a particular person (the insured) upon whose death the insurance company agrees to pay a stated sum or income to the beneficiary.
Term Insurance
Protection during limited number of years; expiring without value if the insured survives the stated period, which may be one or more years, but usually is 5 to 20 years, because such periods generally cover the needs for temporary protection.
Term Life Insurance
Life insurance that provides protection for a specified period of time. Common policy periods are one year, five years, 10 years or until the insured reaches age 65 or 70. The policy doesn't build up any of the nonforfeiture values associated with whole life policies.
Term of Policy
Period for which a policy runs. In life insurance, this is to the end of term period for term insurance, to the insured's death (or age 100) for payment insurance. In most other kinds of insurance, it is usually the period for which a premium has been paid in advance; however it may be for a year or more, even though the premium is paid on a semiannual or other basis.
Whole Life Insurance
Permanent level insurance protection for the "whole of life" from policy issue to the death of the insured. Characterized by level premium, level benefits and cash value. Life insurance which might be kept in force for a person's whole life and which pays a benefit upon the person's death, whenever that might be.
ANNUITY
Annuity
A contract that provides a stipulated sum payable at certain regular intervals during the lifetime of one or more persons, or payable for a specified period only.
A contract that provides a stipulated sum payable at certain regular intervals during the lifetime of one or more persons, or payable for a specified period only.
Annuitant
One to whom an annuity is payable or a person upon the continuance of whose life furthered payment depends
Annuitization
Process by which you convert part or all of the money in a qualified retirement plan or nonqualified annuity contract into a stream of regular income payments, either for your lifetime or the lifetimes of you and your joint annuitant. Once you choose to annuitize, the payment schedule and the amount is generally fixed and can't be altered.
Annuitization Options
Choices in the way to annuitize. For example, life with a 10-year period certain means payouts will last a lifetime, but should the annuitant die during the first 10 years, the payments will continue to beneficiaries through the 10th year. Selection of such an option reduces the amount of the periodic payment.
Annuity Unit
The number of annuity units denotes the share of the funds an annuitant will receive from a variable annuity account after the accumulation period ends and benefits begin. A formula is used to convert accumulation units to annuity units.
LONG TERM CARE (LTC)
Long - Term Care (LTC)
Refers to the broad range of medical and personal services for individuals (often the elderly) who need assistance with daily activities for an extended period of time
Long - Term Care Policy
Health insurance policies that provides daily indemnity benefits for extended care confinement
01. Genworth Life Insurance Company
02. John Hancock
03. Prudential Financial
DISABILITY
Disability
Physical or mental impairment making a person incapable of performing one or more duties of his or her occupation. Illness or accident can restrict or even eliminate your ability to earn a living income. It is your income that makes everything else that you do possible; home, food, clothing . . .
Disability buy - sell agreement
An agreement between business co - owners that provides that shares owned by any one of them who becomes disabled shall be sold to and purchased by the other co-owners or by the business using funds from disability income insurance
Disability Income Insurance
A type of health insurance coverage, it provides for the payment of regular, periodic income should the insured become disabled from illness or injury
Disability Income Rider
Typically a rider to a life insurance policy, it provides benefits in the form of income in the event the insured becomes totally disabled
01. Assurity
02. Lloyd’s of London
03. Metropolitan Life
04. Principal
05. Standard