Reducing term insurance provides a death benefit that decreases each year according to a predetermined schedule, whereby premiums also decrease over time.
Short term insurance is often purchased to protect personal assets.
The lender may also require that the remainder of the loan be guaranteed until it is repaid in the event of the borrower’s death.
The life reduction policy is very similar and may reflect the mortgage repayment schedule.
Reduced term life insurance is cheaper than traditional term or permanent life insurance policies.
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.
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.