Annual renewable term insurance is a type of life insurance that provides coverage for one year at a time. The policy can be renewed each year, but the premium will increase as you get older. This type of policy is typically used by people who need coverage for a specific period of time, such as … Read more
An incontestability clause is a provision in a life insurance policy that states that the insurance company cannot contest the policy after it has been in force for a certain period of time, usually two years. This clause protects the policyholder from having their policy canceled or denied if they develop a health condition that … Read more
An automatic premium loan is a life insurance policy provision that allows the policy owner to borrow money from the policy’s cash value to pay the premium. If the policy owner does not have enough cash value to pay the premium, the policy will lapse and the death benefit will not be paid. What does … Read more
An unbundled life insurance policy is a policy where the death benefit and the cash value are separated. This allows the policyholder to use the cash value for other purposes, such as funding a child’s education. The death benefit can be used to provide income for the family or to pay off debts. How many … Read more
An accelerated death benefit (ADB) is a life insurance policy provision that allows the policyholder to receive a portion of the death benefit while they are still alive if they are diagnosed with a terminal illness. The purpose of this benefit is to help cover the policyholder’s end-of-life expenses. In order to qualify for an … Read more
An unsolicited application is an insurance application that is submitted without the request or knowledge of the person who will be insured. This type of application is also known as a cold call. What is the other term for application letter? There is no other term for application letter. What type of information you can … Read more
A noncancellable insurance policy is an insurance contract that cannot be canceled by the insurer, except for cause. The policyholder is guaranteed that the policy will remain in force for the entire policy term, as long as premiums are paid on time. Noncancellation protection is one of the most important features of a life insurance … Read more
A policy loan is a loan that is taken out against the cash value of a life insurance policy. The loan is typically used to cover expenses that the policyholder may have, such as medical bills or other debts. The loan is repaid with interest, and the policyholder is responsible for repaying the loan if … Read more
A second-to-die insurance policy is a life insurance policy that covers two people, usually a married couple. The death benefit is paid out only after the second person dies. Second-to-die insurance can be a good way to help cover estate taxes. Which is best term plan? There is no one-size-fits-all answer to this question, as … Read more
A viator is an individual who purchases a life insurance policy with the intention of only holding it for a specific period of time. After this time period expires, the viator will cancel the policy and receive the death benefit. When a Viator sells a life insurance policy? A Viator sells a life insurance policy … Read more
