|
|
Life Insurance Definitions
Life Insurance offers you the peace of mind that comes with knowing your family's needs are covered. Insurance carriers have more types of policies than you can count. However, all these policies are just variations of two basic types of life insurance; term and permanent.
- Term Life - This is coverage provided for a specific face amount, for a specific time period. If the death of the insured occurs within the time period the death benefit is paid to the beneficiary. Term insurance is the most affordable type of insurance.
- Whole Life - This policy has a specified face amount, but unlike term insurance, the policy has no specified time period. As long as the policy premium is paid the policy is in force. Permanent insurance offers extra features such as flexible face amounts and cash accumulation accounts. This policy is more expensive than term insurance.
- Face Amount - This is the amount of policy that will be paid to the beneficiary in the case the insured has passed away.
|
|
|
Employee Benefits