We are passionate about making insurance simpler and easier for everyone to understand. So we thought it would be helpful to explain some of the unfamiliar terms that we have to use to ensure we are accurate.
We would love this to become the most comprehensive glossary in the industry so if you spot a term not listed here, please send a note to firstname.lastname@example.org.
Simplifying the language we use is critical to our mission. We found that we couldn’t avoid using some technical terms because it’s the language of our industry and changing them might cause confusion. Instead, we have explained each using plain language. This glossary is intended to help you understand insurance terms which may be confusing or complex. It isn’t intended to replace conversations with our agents or partners, who are equipped to help you make the right decisions for your needs.
Account Value is the prevailing net value of all units under the funds invested by you from time to time.
Life insured's age last birthday at any time.
This feature allows you to stay covered even if you have missed a premium payment. The premium and interest are deducted from the cash value of your policy when it is due.
This means that your benefits will be reduced if you don't restart your payments.
This glossary has been created for informational purposes and should not be considered as legal or financial advice. Contractual terms and conditions will prevail should any of the content in this glossary conflict with your policy documents.