Business / Taxes / Life Insurance: Life insurance is a contract you sign with an insurance company, obligating it to pay a death benefit of a certain value to the beneficiaries you name. In most cases, the payment is made at the time of your death, but certain policies allow you to take a portion of the death benefit if you are terminally ill and need the money to pay for healthcare. You may select either term or permanent insurance. With a term policy, you are insured for a specific period of time. When the term ends, you must renew the policy for another term or change your coverage. Otherwise, you’re no longer insured. With a permanent policy, you can buy coverage for your lifetime. You pay an annual premium, typically billed monthly or quarterly, for the coverage. The insurer sets the cost, based on your age, health, life style, and other factors. With a permanent policy, your premium is fixed, but with a term policy it typically increases when you renew your coverage to reflect the fact that you’re older.
Insurance Verb Synonyms: assurance, surety, indemnity, indemnification, guarantee or guaranty, warranty, bond, security, protection, cover
Life Verb Synonyms: existence, entity, being, sentience, viability
Life Noun Synonyms: existence, living, way of life, lifestyle
Business / Finance / Term Insurance: Fed funds sold for a period of time longer than overnight. MORE
Business / Finance / Key Man (Or Woman) Insurance: A life insurance policy purchased by a company to insure the life of a key executive. The company is the beneficiary in case of the executive's death. MORE