Accidental Death Benefit
    An additional benefit paid to the beneficiaries if the insured person dies as a result of an accident. This is often added as a rider to a standard policy.
Annuities
Financial products that provide a stream of payments to an individual, typically used as a source of income during retirement. Annuities can be purchased through insurance companies and can be structured in various ways, such as immediate or deferred, fixed or variable.
Cash Value
A feature of permanent life insurance policies that allows for the accumulation of savings over time. This value can be borrowed against or withdrawn.
Convert
The option to change a term life insurance policy into a permanent life insurance policy without undergoing additional medical exams.
Death Benefit
The amount paid to the beneficiary upon the death of the insured person. It is typically tax-free.
Disability
A physical or mental condition that limits a person's movements, senses, or activities. In the context of insurance, disability insurance provides income to individuals who become unable to work due to a disability.
Dividend
A portion of the insurance company's surplus paid to participating policyholders. Dividends can be taken as cash, used to reduce premiums, or reinvested into the policy.
Guaranteed Renewability / Insurability
This ensures that the policyholder can renew the policy without undergoing further medical exams or proving insurability, regardless of health changes.
Health Savings Account (HSA)
A tax-advantaged medical savings account available to individuals enrolled in a high-deductible health plan (HDHP). Contributions to an HSA are not subject to federal income tax at the time of deposit, and funds can be used to pay for qualified medical expenses.
Insurability

Refers to the eligibility of an individual to obtain insurance coverage based on the underwriting assessment.

Level Payment

A premium payment structure where the amount paid remains the same throughout the duration of the policy.

Limited Payment

A premium payment structure where premiums are paid for a specified number of years, after which the policy remains in force without further payments.

Living Benefit
Also known as accelerated death benefit, this allows policyholders to receive a portion of their death benefit while they are still alive, typically in cases of terminal illness.
Mortality
In the context of life insurance, mortality refers to the statistical measure of the number of deaths in a given population, scaled to the size of that population, per unit of time. Insurance companies use mortality tables to predict the likelihood of death for different age groups, which helps in setting premiums and reserves.
Paid-Up Additions
Small, single-premium life insurance additions that increase the policy's death benefit and cash value. These are often purchased with policy dividends.
Participating
A type of life insurance policy that is eligible to receive policy dividends. These policies are typically issued by mutual insurance companies.
Policy Dividends
Returns of excess premiums paid to policyholders by mutual insurance companies. They can be taken in cash, used to reduce premiums, or used to buy additional insurance.
Policy Loan
A loan issued by the insurance company using the cash value of a permanent life insurance policy as collateral. The loan must be repaid with interest.
Riders
Additional provisions or benefits added to a life insurance policy for extra coverage. Common riders include accidental death, waiver of premium, and term conversion.
Surrender
The act of terminating a life insurance policy before its maturity or the insured event. The policyholder may receive the cash surrender value, which is the cash value minus any surrender fees.
Surrender Fees
Charges incurred when a policyholder surrenders a life insurance policy before a certain period, often within the first few years of the policy.
Underwriting
The process insurers use to assess the risk of insuring a person. It includes evaluating medical history, lifestyle, and other factors to determine premiums and coverage.
Waiver of Premium
A rider that allows the policyholder to stop paying premiums if they become disabled and are unable to work, while keeping the policy in force.

Disclaimer: Aviso Insurance Inc. offers financial planning, life insurance and investments to members of credit unions and their communities.  Your insurance contract will provide details of the coverage available under the plan you choose.  Restrictions may apply.

The information contained on this website was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is provided as a general source of information and should not be considered personal advice.  Please speak to your Aviso Insurance Representative or personal financial representative before making any financial planning decision or implementing any strategy.

SOURCE: https://www.investopedia.com