Term life insurance:
Life insurance issued for a term of years, normally building up no cash value and expiring without value.  Typical term periods are 10, 15, 20, 25 and 30 years

Tertiary beneficiary:
A beneficiary designated as third in line to receive proceeds or benefits if the primary and secondary beneficiaries do not survive to receive them.

Trust:
An arrangement in which property is held by a person or corporation (trustee) for the benefit of others (beneficiaries).  The grantor (person who transfers the property to the trustee) gives legal title to the trustee, subject to the terms set forth in a trust agreement.  Beneficiaries have equitable title to the trust property.

Trustee:
One who holds the legal title to the property for the benefit of another.  This may be either an individual or a company such as a bank or trust company.

(back to main Life Insurance Glossary Page)

Visit these links to learn about:

Get instant life insurance quotes:

To speak with a licensed representative, contact us or call 866-691-0100

Latest News

Life Insurance for Marijuana Users
life insurance for marijuana users

Many people are under the impression that you cannot buy life insurance for marijuana users. In fact, many applicants lie about their usage and then are denied coverage, not because they use marijuana, but because they lied about it. Insurance companies refer to this as misrepresentation. The truth of the matter is using marijuana does […]

Read More
The Pros and Cons of Using Life Insurance as an Investment
life insurance as an investment

When we consider using life insurance as an investment, there are as many people in favor of it as there are opposed. Certainly, financial gurus like Dave Ramsey and Suze Orman are against life insurance for any reason other than a death benefit, but remember, while speaking out against most life insurance products, they are […]

Read More
Death and Taxes … and Life Insurance
life insurance and taxes

Life insurance provides your family and loved ones with a vital financial safety net in the event of your death. But with a variety of life insurance policy options available, many people wonder exactly how to handle their policies when it comes to filing taxes. The good news is that in most cases, you do […]

Read More