Term Life Insurance Made Simple

Term Life Insurance Policy Glossary

Glossary of Terms

Terms may not apply to all policies.

Beneficiary The person or organization you designate to receive the death benefit.
Cash value The portion of a permanent life insurance premium that grows over time and can be available for loans or withdrawals. Your policy is term insurance, so it does not accumulate cash value.
Death benefit The payment a beneficiary will receive upon your death.
Face amount This is the amount of death benefit at the time of issue.
Grace period The period of time you have, following your premium due date, to make a payment and avoid cancellation.
In force A term used to mean the policy's coverage is in effect.
Insured The person whose life is covered by the policy purchased.
Owner The same as the insured if no other person is named in the application as the owner. The owner controls the policy during the lifetime of the insured.
Rider Benefits or features added to your policy. They may be optional or available for an additional cost.

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