- Beneficiary is the person who will receive the proceeds from your life insurance policy.
- Full life (or paid-up insurance) is an insurance policy that no longer charges premiums and still pays your death benefit.
- Some life insurance policies offer a cash value or surrender value, allowing you to forfeit your policies death benefit for immediate cash.
- The death benefit is the sum of money your beneficiaries are entitled to upon your death.
- Term life insurance coverage is often the most affordable option to purchase because it only provides a death benefit during a set number of years, usually 20 or 30.
- Universal life insurance is a life insurance policy with variable premium amounts based on an individual’s cost to insure.
- Whole life insurance offers fixed premium amounts for the life of the policy and a set minimum death benefit.
Looking for life insurance in Jacksonville, FL? Check out Zellner Insurance Agency for your personal insurance policies.