Life Insurance Basics
Life Insurance Glossary
Clear definitions for common life insurance terms, written in plain language to help you read policies and compare options.
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Core Terms to Know
Use these foundational terms as you explore coverage options. Policy language can vary by insurer, so always review the policy contract before making a decision.
Beneficiary: The person or organization named to receive the death benefit.
Death benefit: The amount paid when the insured person dies, subject to policy terms.
Premium: The amount paid to keep a policy in force.
Underwriting: The insurer’s review of health, lifestyle, and other factors to assess eligibility and pricing.
More Terms, Made Simple
These definitions cover common policy features and planning concepts. They are for general education, not individual insurance, tax, legal, or financial advice.
Policy Basics
Coverage and Ownership
Understand who is covered, who controls the policy, and how benefits are paid.
Policy Features
Value and Flexibility
Some permanent policies may build cash value and offer options that require careful review.
Important Details
Guarantees and Assumptions
Know which values are guaranteed and which depend on future performance or policy assumptions.