Joint Life Insurance Explained

Joint life insurance is a life insurance policy underwritten on the lives of two people.  These to people are usually spouses, but not always.  There are two forms of joint life insurance, first to die and second to die (second to die is also known as survivorship life insurance).  Joint Read More »

What Is A Life Insurance Premium

A life insurance premium is the payment made to the life insurance company, to pay for a life insurance policy.  This term is also applied to payments remitted for annuity contracts.  Typically the premium will pay for the cost of insurance, but excess premium over the cost of insurance can Read More »

Chartered Life Underwriter Designation

A chartered life underwriter is the highest designation in the life insurance industry that a life insurance agent can obtain.  The designation is granted by The American College. The American College grants the Chartered Life Underwriter (CLU) designation after the candidate passes a series of classes and exams.  A CLU Read More »

Variable Universal Life Insurance

Variable universal life insurance (VUL) is a permanent life policy whose cash value depends in part on the performance of variable sub-accounts within the insurance contract.  The variable sub accounts are usually modeled after mutual funds, but may contain their own separate free structures. A variable universal life insurance contract Read More »

What Is An Insured In A Life Insurance Policy

This is one of the most fundamental and concepts relating to life insurance.  A life insurance policy, at heart, is a contract between the insured and the life insurance company.  When an insured person dies, the life insurance company is bound to pay a death claim to the beneficiaries.   Read More »

Life Insurance Free Look Explained

The free look period for a life insurance contract is a trail period.  This period is for policy owners, and is mandated by most states in the United States.  The free look period allows a policy owner to review their contract after it is delivered, without having to make an Read More »

Life Insurance Loans

Permanent life insurance policies with sufficient cash value normally allow loans to be taken out.  This wonderful "living benefit" of a life insurance policy can be accessed at any time, and for any reason.  A person can normally borrow up to about 90% of the current cash value in the Read More »

What Is A Grace Period

The grace period is the time after a missed insurance premium is due, where a life insurance policy will not lapse even though the payment is past due.  The grace period is a very useful feature, whose inclusion in every life insurance policy is mandated by every single state in Read More »

Death Benefit Of Life Insurance Explained

The death benefit is the amount of money that is paid out when a valid life insurance claim is filed.  The death benefit is paid to the stated beneficiaries of the contract, which are determined by the owner before the insured person is deceased.  The death benefit is used to Read More »

What Is A Life Insurance Agent

A life insurance agent is a person whose expertise is in fitting clients with life insurance to suit their needs.  These needs can range vastly, from income protection for loved ones in the event of an untimely demise to transferring assets efficiently from an estate after death, and even to Read More »

Cash Value Of A Life Insurance Policy

Most people know about the death benefit paid by life insurance policies, but many people are not aware that life insurance policies can also accrue a cash value over the lifetime of the policy.  This cash value can be withdrawn or loaned against with a loan from your life insurance Read More »

What Is A Life Insurance Beneficiary?

The beneficiary it the named person or entity on a life insurance policy that will receive the death benefit upon the death of the insured. The death benefit is the payout paid by the insurance company when the insured passes away.  More than one person or entity may be named Read More »