This type of life insurance provides coverage for life with premiums payable for only a limited number of years instead of until the death of the person whose life is insured. Living Benefit - An amount that is paid out while you are alive, in the event a diagnosis of terminal illness. Mortality rates - Statistics used in relating life insurance to the number of deaths at various ages over a period of years. Participating Life Insurance - Policyholders are entitled to receive dividends. Permanent Life Insurance - Refers to life insurance payable on the death of the person whose life is insured, whenever that occurs.
Premiums are payable on a regular basis until death, and coverage is provided for life.
This type of life insurance provides both protection and cash value. Policy - The printed document issued to the policyholder by the life insurance company which states the terms of the life insurance contract between them. Important to store in a safe place. Policyholder - Person who owns a life insurance policy. Policy Loan - A loan made by a life insurance company to a policyholder using the cash value of a policy as security.