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In order to evaluate a life insurance policy, it is vital to understand the meaning of the terms used. This article describes the terms you are most likely to run into such as:

  • The Insured
  • Premium
  • Guaranteed Issue
  • Simplified Issue
  • Death Benefit
  • Face Value
  • Guaranteed Insurability Rider
  • Cash Value
  • Cash Surrender Value
  • Beneficiary
  • Contestability/Contestable Period
  • Suicide Exclusion
  • Accidental Death and Dismemberment
  • Disability Waiver of Premium Provision
  • Accelerated Death Benefit

If you have life insurance, either on your own or through an employer, do what you can to maintain the premiums. If you don't have life insurance, you may still be able to purchase it.


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