Term Life Flashcards
your premiums and death benefit stay the same for the entire length of the term.
Level
You take out a $300,000, 30-year decreasing term life insurance policy to help your spouse continue making your mortgage payment in case you pass away unexpectedly.
Decreasing
allows term life insurance policyholders to recover the premiums they’ve paid over the life of their policy if they don’t die while the policy is in effect
Return of Premium
a form of term life insurance which offers a guarantee of future insurability for a set number of years.
Annually Renewable
a clause in many term life insurance policies that allow for its renewal without the need for new underwriting
Renewable
River purchased a $100,000 convertible term life insurance policy for 30 years and has the option to convert part of or the entire policy into a whole life insurance policy before the age of 50.
Convertible