Glossary Of Life Insurance Terms

Permanent Life – The permanent life policy is guaranteed to pay out benefits when the insured passes away. And the policyholder can gain cash value with a permanent plan that can be withdrawn or paid in the event of a canceled policy.

Premium – A premium is the monthly payment you’ll pay to keep your life policy in effect.

Term Life – The temporary life insurance plan that you can get protection for as little as 1 year and go have as long as 30 years. And term life insurance plans are the most affordable life insurance policies.