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Understanding Life Insurance: A Life Insurance Glossary It can be difficult to get a good understanding of the many terminologies and jargon used in the terminology of life https://shorl.com/gahevebrehamy . A brief look around the Internet reveals the number of websites that offer a glossary and information on the various terms involved. In addition, many of these websites also provide a means for looking up an individual term in the insurance glossary to provide a more precise definition. While it might be easy to lump all terms under the term "life insurance," it is not so simple. For instance, there are five different perspectives on life insurance. In addition, there are various definitions for Term Life, Whole Life, Variable Life and Universal Life. These and other terms are often used in association with other terms such as risk and benefit. By taking some time to research the various terms, one can begin to understand how life insurance works. The most basic term in the life insurance glossary is the "Term Life." This is a term that refers to a life insurance policy that is renewable and may not have an expiration date. Most commonly, these renewable policies are referred to as "Cemetery Term Life Insurance." Some other types of permanent life insurance include Level Term, Increasing Term, Decreasing Term, Deposit Term, Renewable Term, Deposit Term, Convertible Term, and Permanent Inflation Term. https://www.google.co.cr/url?q=https://www.linkedin.com/pulse/non-owner-car-insurance-texas-what-you-need-know-colin-gibson/ in the life insurance glossary is "Whole Life." This is somewhat different than the Term Life insurance that has been discussed above. With whole life insurance, a death benefit paid out at the time of death is a benefit that remains with the beneficiary (or beneficiaries) of the policy. A cash value account is usually maintained in order to make payment of premiums. After the policy holder passes away, the account can be transferred to another person or family member. One term you may see listed repeatedly is "Variable Life." This is another term for Life Insurance that combines features of both term and permanent life insurance policies. As an example, some policies may pay out death benefits only upon death, while others may pay out benefits every day throughout the life of the policy. Variable Life policies also combine elements of both life insurance policies. It would be an understatement to say that the life insurance glossary is an indispensable tool for anyone considering purchasing an individual or family insurance policy. Simply put, it is an absolutely necessary part of the process. You will want to know what features are included in the various policies before making your final decision. To that end, the terminology involved will help you make an informed decision. For example, you need to know if there is a maximum benefit. If so, you will want to compare the various policies in terms of their maximum benefit. You will find a life insurance glossary at many websites on the Internet. Some of the most popular are those maintained by insurance companies themselves. However, you may also access them from sites maintained by independent financial advisors. Regardless of where you choose to obtain your insurance glossary, you are certain to learn something that will help you in making a more informed decision regarding your current or future needs for life insurance. What is important is that you take the time to research the different types of insurance policies available to you. You will want to learn what is required in order to obtain them, as well as what features you should expect to receive from any company offering you life insurance coverage. That way, you can be sure you are choosing the right policy for your particular needs. Of course, if you have never purchased life insurance, it can be difficult to understand all of the terminology involved. That's why it is advised that you use a life insurance glossary whenever possible.