A life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. This is in lieu of a traditional policy that pays beneficiaries after the insured’s death. Such benefits kick in if the insured becomes terminally ill, needs extreme medical intervention, or must reside in … Read moreAccelerated Death Benefits
Coverage for accidental injury, accidental death, and related health expenses. Benefits will pay for preventative services, medical expenses, and catastrophic care, with limits.
Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option in connection with Credit cards and auto loans.
Insurance purchased by a bank or Creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it.
Basic death benefits guaranteed under variable Annuity contracts.
A guarantee in a variable Annuity that a certain level of Annuity payment will be maintained. Serves as a protection against investment risks. Several types exists.
An Annuity with two Annuitants, usually spouses. Payments continue until the death of the longest living of the two.
Insurance on the life or health of a key individual whose services are essential to the continuing success of a business and whose death or disability could cause the firm a substantial financial loss.
A form of variable Annuity contract usually with short surrender periods and higher mortality and expense Risk Charges.
Commonly known as Mod-co. Indemnity life reinsurance that differs from coinsurance only in that the reserves are transferred back to the Ceding Company while the risk remains with the reinsurer; the Ceding Company is required to pay interest to replace that which would have been earned by the reinsurer if it had held the assets corresponding to the reserves … Read moreModified Coinsurance