A cash surrender value is the amount of money a life insurance company pays out to a policy or annuity holder if they decide to terminate the plan.
Cash value is the amount of capital in a life insurance policy.
Not all life insurance policies offer cash value accounts.
A cash value savings element is created when the policyholder pays in excess of the monthly premium and it is deposited into an account that generates interest that can accumulate over time and can be accessed.
The older the policy, the more shares it contains.
Death benefit is a payment to the recipient of a life insurance policy, an annuity or pension in the event of the death of the insured or the recipient of the annuity.
Reducing term insurance provides a death benefit that decreases each year according to a predetermined schedule, whereby premiums also decrease over time.
The free review period is a required period of time, usually 10 days or more, during which a new life insurance policy holder can terminate the policy without penalty such as restocking fees.
A group universal life policy is a universal life insurance offered to a group of people at a lower price than what is usually offered to an individual.
Living together payment is a payment structure for pensions and other retirement plans that provides income to a second person, usually a spouse, after the death of the account holder.
Level premium insurance is a type of life insurance in which premium payments remain at the same level throughout the entire term, and the amount of coverage offered increases.