Life Insurance

Don't spend your time searching all over the internet for life insurance, just contact us and we will do the shopping for you.  Wlos Insurance Agency will work with you to help establish your specific needs.  Whether it's for whole life insurance or term life insurance, we shop with multiple companies for your life insurance to find you the best price for the right coverage to meet your needs! Below are terms that you should familiarize yourself with while shopping and comparing quotes.

Life Insurance Glossary of Terms

Beneficiary

The person(s) named by the owner of the policy to receive the life insurance proceeds upon the death of the insured.

Cash Value/Cash Surrender Value

The amount that is available in cash for loans and/or withdrawals. Accessing cash surrender value may reduce the death benefit and may increase the risk of lapse. Withdrawals may be subject to surrender charges and could have a permanent effect on the cash value. Loans reduce the cash value and death benefit by the amount of the loan outstanding plus interest. If the policy is surrendered, the cash surrender value is paid to the policy owner.

Convertible Term Insurance

Term insurance that can be exchanged (converted), at the option of the policy owner and without evidence of insurability, for a permanent insurance policy.

Dividend

A return of part of the premium on participating insurance that is based on the insurer's investment, mortality and expense experience. Dividends are not guaranteed.

Face Amount

The amount stated on the face of the policy that will be paid in case of death. It does not include additional amounts payable under accidental death or other special provisions, or acquired through the application of policy dividends.

Insurability

Acceptability to the company of an applicant for insurance.

Insured or Insured Life

The person on whose life the policy is issued.

Level Premium Life Insurance

Life insurance for which the premium remains the same from year to year. The premium is normally more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a cash value is a natural result of level premiums over a long period. Term policies generally have level premiums for the initial term, though they generally have no cash value. The payments in the early years, together with the interest that is to be earned, serves to balance out the underpayment of the later years.

Loan (Policy Loan)

A loan made by a life insurance company from its general funds to a policy owner on the security of the cash value of a policy. Generally, loans reduce the policy's death benefit and cash value by the amount of the outstanding loan plus interest.

Paid-up Insurance

Insurance that will remain in force with no need to pay additional premiums.

Participating Policy

A life insurance policy that is eligible for the payment of dividends by the insurer (see also Dividend).

Permanent Life Insurance

Any form of life insurance except term; generally insurance that builds up a cash value, such as whole life. Coverage can last a lifetime.

Policy owner

The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a trust, partnership or a corporation.

Premiums

Payments to the insurance company to buy a policy and to keep it in force.

Renewable Term Insurance

Term insurance that can be renewed at the end of the term, at the option of the policy owner and without evidence of insurability, for a limited number of successive terms. The rates generally increase at each renewal as the age of the insured increases.

Term Life Insurance

Life insurance that does not build up cash value and where the premium normally increases as the insured gets older.

Universal Life Insurance

A flexible premium life insurance policy under which the policy owner may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates, which may change from time to time.

Whole Life Insurance

A basic type of permanent life insurance which can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force.

Insurance Companies

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