Whole Life Insurance products and terms may seem complicated, so we have prepared this quick glossary by product type to get you started:
WHOLE LIFE INSURANCE
A life insurance policy, which is guaranteed to remain in place for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date.
WHOLE LIFE 10 – PAY
A Guardian whole life product that becomes contractually paid up after ten years of payments. The policy remains in effect for the remainder of one’s life.
WHOLE LIFE 99
A Guardian individual whole life insurance product with premiums payable to age 99. In many cases, premiums may no longer be required to be paid after.
WHOLE LIFE LEGACY 10 – PAY
A MassMutual whole life product that becomes contractually paid up after ten years of payments.
SURVIVORSHIP WHOLE LIFE LEGACY
A MassMutual insurance product that is written on two lives. Both insureds must die before a death benefit is paid.
CUSTOM WHOLE LIFE
A New York Life custom whole life insurance product that is typically used as a Whole Life 10- Pay policy.
CUSTOM SURVIVORSHIP WHOLE LIFE
A New York Life insurance product that is written on two lives. Both insureds must die before a death benefit is paid, often referred to as second-to-die life insurance.
BASE PREMIUM
The minimum premium amount required to be paid in order to maintain the base death benefit amount for a whole life insurance policy.
PHASE
For recurring clients, a phase refers to a separate and distinct transaction made with a client who returns to purchase an additional insurance policy at a later time. The policy owner remains the same throughout.
