Guaranteed release life insurance is a small life insurance policy for life without medical clauses.
The beneficiaries of the insured person are paid a cash benefit of between $2,000 and $25,000 in the event of death.
Guaranteed Issue Life Insurance does not pay death benefits during the first two or three years of the policy, but refunds the policy premiums plus 10% if the insured dies during that period.
Guaranteed disbursement insurance policies are designed for people with serious medical conditions that prevent them from purchasing policies that offer immediate assistance in the event of death.
Compared to other types of life insurance, guaranteed policies usually have higher premiums compared to their death benefits because their policyholders are in poor health.
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.