Life insurance Policies

Industrial Life Insurance

A type of life insurance with very small face amounts, such as $1,000 or $2,000, designed for burial coverage.

Ordinary Life Insurance

Life insurance of commercial companies not issued on a weekly premium basis, made up of temporary (term) and permanent (whole) insurance.

Group Life Insurance

Insurance written for members of a group, such as a workplace, under one master contract, with underwriting on the group as a whole.

Term Life Insurance

Insurance providing the greatest amount of coverage for a limited time, expiring at the end of the policy period, and does not build cash value.

Level Term Insurance

Term insurance with a fixed face amount and level premiums throughout the policy period, with increasing premiums at renewal.

Decreasing Term Insurance

Term life insurance that provides an annually decreasing face amount with level premiums, often used for mortgage protection.

Credit Life Insurance

Insurance designed to cover the life of a debtor and pay the debt amount if the debtor dies before repayment.

Convertible Term Insurance

A provision allowing policyowners to convert their term insurance into permanent policies without showing proof of insurability.

Renewable Term Insurance

Term insurance that guarantees the right to continue coverage after the initial policy period without the need for proof of insurability.

Family Plan Policy

A policy that covers a family head with permanent insurance and provides term insurance coverage for the spouse and children.

Whole Life Insurance

Insurance providing death benefits for the entire life of the insured, maturing at age 100 and offering cash value accumulation.

Modified Whole Life Insurance

A whole life policy with fixed premiums for the first few years, which then increase and remain level for the rest of the policy.

Universal Life Insurance

A life insurance policy incorporating flexible premiums and adjustable death benefits, using gains to fund the cash value.

Variable Life Insurance

Insurance policies where the cash value and death benefits can fluctuate based on the performance of an underlying investment portfolio.

Joint Life Policy

A policy covering two individuals, paying the face amount upon the death of the first person insured.

Family Income Policy

A policy providing income to beneficiaries from the date of the insured's death for a set period, along with a lump sum at the end.

Adjustable Life Policy

A policy offering flexible premiums and the ability to adjust the death benefit as the policyowner's needs change.

Cash Value

The equity amount or savings accumulation in a whole life policy.

Endowment Policy

A contract providing payment of the face amount at the end of a fixed period or at the insured's death before that period.

Juvenile Insurance

Life insurance written on children within specified age limits, typically under parental control.

Non-Medical Life Insurance

Life insurance that typically does not require a medical exam and is generally more expensive than medically underwritten policies.

Target Premium

A suggested premium in Universal Life policies indicating what may be needed to maintain the policy.