Glossary Terms
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| Below are a list of commonly used glossary terms within the insurance world. Please refer to them as needed. |
TERM LIFE INSURANCE – Least expensive life insurance product
purchased for a specified time period. Companies offer 10, 15, 20
or 30 year term policies based on age. We represent companies
that allow you to purchase insurance that may carry you to the age
of 90.
***These policies have no cash value.
PERMANENT INSURANCE – Are policies that build cash value with
lifetime coverage. Most common permanent policies are:
Whole Life – Whole Life policies have level premiums and
guaranteed cash value.
Universal Life – Less expensive than Whole Life policies with a
guaranteed death benefit and guaranteed premium.
Variable Universal Life – A life insurance product with the insured
choosing a separate investment vehicle.
Last-to-Die Policies – Also called Second-to-Die or Survivorship
Policies. This type of insurance product insures the lives of two
people. Purchased mostly to protect assets, estates or to fund
Special Needs Trusts.
Guaranteed Policies – No medical underwriting, limited in ages
and amounts.
purchased for a specified time period. Companies offer 10, 15, 20
or 30 year term policies based on age. We represent companies
that allow you to purchase insurance that may carry you to the age
of 90.
***These policies have no cash value.
PERMANENT INSURANCE – Are policies that build cash value with
lifetime coverage. Most common permanent policies are:
Whole Life – Whole Life policies have level premiums and
guaranteed cash value.
Universal Life – Less expensive than Whole Life policies with a
guaranteed death benefit and guaranteed premium.
Variable Universal Life – A life insurance product with the insured
choosing a separate investment vehicle.
Last-to-Die Policies – Also called Second-to-Die or Survivorship
Policies. This type of insurance product insures the lives of two
people. Purchased mostly to protect assets, estates or to fund
Special Needs Trusts.
Guaranteed Policies – No medical underwriting, limited in ages
and amounts.
| New Era Planning 347 Avenue X Brooklyn, NY 11223 Phone: 718-336-4745 Toll Free: 866-947-9550 FAX: 718 336-5748 Email: lifeinsurancesuperstore@yahoo.com |