1. Beneficiary
The person(s) named by the owner of the policy to receive the life insurance proceeds upon the death of the insured.

2. Cash Value/Cash Surrender Value
The amount that is available in cash for loans and/or withdrawals. Accessing cash surrender value may reduce the death benefit and may increase the risk of lapse. Withdrawals may be subject to surrender charges and could have a permanent effect on the cash value. Loans reduce the cash value and death benefit by the amount of the loan outstanding plus interest. If the policy is surrendered, the cash surrender value is paid to the policy owner.

3. Convertible Term Insurance
Term insurance that can be exchanged (converted), at the option of the policyowner and without evidence of insurability, for a permanent insurance policy.

(Source:MetLife)

Three options for cash value life insurance would be: whole life, universal life or variable life. This type of insurance offers more than just a death benefit from your life insurance policy. It works like a long-term savings account or stock market investment. However they have higher premiums per $1,000 of coverage because you would be funding a cash value account as w ell as paying fees and expenses.

In many cash value policies, the annual premium does not increase from year to year, and is often marketed face-to-face by agents or brokers to be able to discuss needs and strategies.

14. Renewable Term Insurance
Term insurance that can be renewed at the end of the term, at the option of the policyowner and without evidence of insurability, for a limited number of successive terms. The rates generally increase at each renewal as the age of the insured increases.

15. Term Life Insurance
Life insurance that does not build up cash value and where the premium normally increases as the insured gets older.

16. Universal Life Insurance
A flexible premium life insurance policy under which the policyowner may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates, which may change from time to time.

17. Whole Life Insurance
A basic type of permanent life insurance which can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force.

(Source:MetLife)

Senior life insurance, offered for those between the ages of 55 – 75, can be costly and difficult to purchase. Typically benefits such as: no health questions or medical exams, fixed premiums, a death benefit of premiums plus interest paid in the first two years, death benefits that won’t decrease after two to three years, guaranteed cash value on a tax-deferred basis, are included. But the senior life insurance benefits on offer will really depend upon the senior life insurance insurer. It would be better if the person requests for quotes from different providers and compare senior life insurance costs and coverage.

Permanent life insurance is a type of life insurance where the policy is for the life of the insured, the payout is assured at the end of the policy and the policy earns cash value. It was originally offered as a premium fixed return product known as cash surrender life insurance, which offered consumers guaranteed cash value accumulation and a regular premium. When consumers clamored for more flexibility the universal life insurance, which allows consumers flexibility for premium payments, was offered. This policy allows consumers to permanently withdraw cash from the policy without the interest associated with the loan provisions in whole life policies and it retained the fixed investment performance of whole life policies.

Possibility of people living to beyond 100 years old is adding a new dimension to the planning for retirement. There is a distinct reality that people will outlive their money. Policyholders using universal life insurance for death benefit protection can address this concern by supplementing their insurance coverage protection to guarantee distributions from their policy.

Retirement is one of the primary concerns of many people especially with technology being available and the possibility of allowing people to live beyond 100 years old. The correct policy can establish additional and substantial source of income including death protection benefits for policy owners, their family or business.

In a nutshell, universal life insurance provides lifetime insurance protection. This is one type of permanent life insurance policy. This insurance is designed to last as long as the premium is being paid.

Permanent insurance policies are priced and designed to keep you covered for a long period of time. This type of permanent insurance policy has a feature known as cash surrender value or cash value. Universal life insurance covers an event that is certain to happen in your lifetime like death. Recent development is that you can now get universal life insurance and guarantee policy that will last a lifetime.

You might have heard of the term Return of premium (or ROP) life insurance. It’s an addition to a term life insurance policy that provides a return of premiums paid by the policy holder. At the end of the term, the owner of the life insurance policy receives the full amount of premiums paid during the term. Return of Premium Term is very appealing to some policy holders because of its guaranteed pay-out feature. If you die, your family receives a lump sum of money. But if you live through the term, the insurance company promises to return all of your premiums. Of course, the cost of Return of Premium Term policies is higher than for a regular term policy. Also, if you decide to cancel your policy before the end of the term, you won’t get the entire return of premium you’ve put in. Premiums are returned on a sliding scale that builds up to 100 percent at the end of the term. So, for example, if you cancel a 20-year policy, at year 15, you can expect to get back only about 50 percent of your money.

Image Source:life-insurance-cash-value.com

Life insurance deals with an unavoidable part of life that most folks would rather avoid, due to the less than pleasant circumstances it brings to mind. Even though our tendency is to not want to contemplate death, it is a necessity to have something to leave behind should the unthinkable happen to you. This way your your loved ones grieve only your passing and not financial dire straights. Life insurance can have several elements to it, depending on your choice of plans. Based on the amount of coverage you need, your premiums can vary quite a bit.

Getting the Lowest Premium:

Greater coverage through your life insurance policy results in higher premiums. By reducing the amount you wish to be paid out upon your death, you’ll be able to lower your premiums. However, don’t risk it too soon; instead, as you age and have fewer bills, you can reduce the payout. When you no longer have a mortgage or a car payment, you can cut back because your spouse won’t need to cover these expenses. You can decrease the payout when your children grow up, and you no longer need to support them. Another reduction can occur when each of you and your spouse begin to collect Social Security and any retirement funding you have available.

Every individual applying for a life insurance policy needs to provide the necessary personal information financial papers and medical records. The following documents will remain confidential and it will only be used to determine if you are qualified for the certain insurance coverage that you’ve been wanting to get.

So who are the people who will view these documents? Qualified staff composed of medical directors, underwriters, underwriting assistants and other employees related with the receipts, submissions and evaluation of your application.
The insurance company needs to know the present financial status so that the amount of insurance that will be given to you is proper for the potential financial loss your beneficiaries might sustain as a result of your death.