Convertible Term Life Insurance is a type of life insurance coverage that can be converted into permanent insurance regardless of the insured's physical condition, and without a medical examination.
Group life insurance is a basic employee benefit under which an employer buys a master policy and issues certificates to employees denoting participation in the plan. Group life is also available through unions and associations. It is usually issued as yearly renewable term insurance although some provide permanent insurance. Employers may pay all the cost, or share it with employees.
Life insurance is a policy that pays a death benefit to beneficiaries upon the insured's death in return for premiums.
Definition and explanation of the nonforfeiture provision in life insurance policies, which allows the insured to access certain values and benefits even if they stop paying premiums.
