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.
Premium policies can be permanent or lifetime.
Permanent insurance, such as life insurance with tier premiums, tends to cause death benefits to increase over time, even if insurance premiums stay the same.
This is because permanent life insurance has a cash value that is added to the death benefit amount.
Lifetime policies will not be extended and are usually set at 10, 15, 20 and 30 years.
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.