Life Insurance: Articles and Guides

Are there people in your life who depend on you as a primary bread winner?  If you answered yes then you should look into purchasing some form of Life Insurance to protect your loved ones.

Typically, a smoker should expect to pay more on a life insurance policy than a non smoker.  Life insurance providers may view you as more riskier to insure, resulting in a higher rate.

Yes.   Certain Permanent Life Insurance plans can serve as an effective vehicle to store tax deferred income for later in life – in conjunction with other retirement plans such as 401K and IRA.

This depends on a variety of factors including you income level, age, and health, as well as the needs of your loved ones.  Click on our glossary of terms for a more detailed description to help determine if you would be better served with a Term Life, Universal Life, Variable Universal Life, or Whole Life Insurance policy.

All Life Insurance policies pay out when you pass away.  However certain Permanent Life Insurance policies include provisions for taking money out of the plan while you are still alive.  Ask your insurance agent and read the fine print of your policy for details.

The person or persons named in the Life Insurance policy who receives payment upon the death of the insured.

The amount the insured can loan or withdraw from the policy during the life of the insured.  Loans reduce the death benefit of the policy by the loan amount plus a stated interest.  Withdrawals reduce the death benefit by the amount withdrawn plus any applicable surrender charges.

A form of Term Life Insurance that can be converted to a Permanent Insurance Policy at the discretion of the insured without the need to provide evidence of insurability.

The sum paid to the beneficiary (ies) at the time that the insured passes away.

The guaranteed death benefit stated on the policy.  It does not include any additional amounts that can be added to Permanent Life Insurance plans.

A determination by the insurance company that they are willing to accept an applicant for insurance.

The individual on whose life the policy is issued.

Life Insurance that remains in effect until the insured passes away.  This type of policy may build up a cash value that the insured can access during their lifetime. 

Regular payment to the insurance company by the insured.

Life insurance that provides coverage for a specific period of time.

A form of Permanent Life Insurance where a portion of the paid premium can go towards increasing the Face Amount.  The Face Amount grows at a varying interest rate, but guaranteed to never drop below a stated amount.

A type of Universal Life Insurance where the premium is invested in various instruments such as stocks and bonds.  There is no guaranteed minimum and the payout is determined by the performance of the underlying investments.

A form of Permanent Life Insurance which guarantees a level premium, death benefit, and cash value.  Most Whole Life policies can pay dividends.