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provides the most insurance for the least dollars. Death protection only. Matures only at death...during the term

Level Premium Term

premium remains level

decreasing term

death benefit decreases with time

increasing term

death benefit increases with time

level term

Death benifit always remains level

Renewable term

term that can be renewed without proof of insurability...but at a much higher premium.

Re-entry term

Renewable term which allows the insured to reestablish earn a lower premium

Convertible Term

Term that can be converted to whole life (at attained age) without proof of insurability...but at a much higher premium

Whole Life

Death protection to age 100 with guranteed cash value growth and premiums remain level

Family Policy

Whole Life and Convertible term for the entire family

family income

covers only the breadwinner with whole life and decreasing tern

modified life

the automatically converts to whole life

graded premium

whole life that starts out cheap and becomes more expensive

interest sensitive whole life

a whole life policy written using current assumptions concerning mortality, interests and expenses. Cash value can grow at rates higher than the guranteed minimum

Adjustable life

policyowner can choose two of the three: death benefit, premium or type of insurance (whole life/Term)

Variable Life

AKA variable Whole Life. Cash value not guranteed. A minimum Death Benefit is guranteed. Owner can control where cash value is invested

Universal life

death protectionis always term. Owners can make policy funtion life term or whole life by pumping more or less cash. Owner can take money from cash value without paying it back

Variable Universal

Same as universal plus owner can also control where cash balue is invested. No guarantee cash value

Modified Endowment Contract

Occurs when your cash value grows too fast. When it happens you lose all the tax benefits of a life insurance policy.

Joint Life

two or more insureds. Pays upon death of the first

Survivorship Life

Two or more insureds. Pays upon death of the last

Double Jointed Annuity

Provides income for anyone who can reach an armover their head and pull their wallet out of their back pocket. Primariliy for circus people

Annuity Certain

Not guranteed for life. You put money in. Company pays out. Definite start, definite stop - like a bridge

Variable Annuity

The value of your account is in units, not dollars. Company gurantees a certain number of units for the rest of your life. Value in dollars can go up or down

Deffered Annuity

Wait to start collecting income

Immediate Annuity

Begin recieving income now

Joint and Survivor Life Annuity

Provides retirement income so long as either your or your spouse is alive

Refund Life Annuity

Guarantees your an income for life, but if your die before collecting the total face amount of your annuity, the company will refund the remainder to your heirs. Not a death benefit

Life Annuity With Period Certain

Gurantees retirement income for the rest of your life. Even if you die, the company will continue paying your income until the end of the period certain (5, 10 years)

(straight) Life Annuity

Provides retirement income for the rest of your life

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