Life Insurance Glossary: Terms To Know

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:

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

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.

NOTE: For a glossary of words relating to:

• Cancer: See: Glossary of Cancer Terms 
• Chemotherapy: See: Glossary Of Chemotherapy Terms
• Health Insurance: See: Glossary Of Health Insurance Terms
• Medicare: See: Glossary Of Medicare Terms 
• Radiation: See: Glossary Of Radiation Terms

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