FL Life Insurance Polices

Endowment policy

Contract providing for payment of the face amount at the end of a fixed period, at a specified age of the insured, or at the insured's death before the end of the stated period.

Face Amount Plus Cash Value Policy

Contract that promises to pay at the insured's death the face amount of the policy plus a sum equal to the policy's cash value

Whole Life Insurance

Insurance that is kept in force for a person's entire life and pays a benefit upon the person's death, whenever that may be.

Term Life Insurance

Is often described as "pure protection" because it pays benefits only if the insured person dies within the time period (term) covered by the policy. The policy must be renewed if coverage is desired for another time period.

Variable Universal Whole Life

Policy owner controls the investment of cash values and selects the timing and amount of premium payments.

Target Premium in a universal life policy

The recommended amount to keep the policy in force throughout its lifetime

Juvenile Insurance

Written on the lives of children who are within specified age limits and generally under parental control.

Equity Index Universal Life Insurance

combines most of the features, benefits, and security of traditional life insurance with the potential of earned interest based on the upward movement of an equity index

Universal life insurance policy

incorporates flexible premiums and an adjustable death benefit. The investment gains from a Universal Life Policy usually go toward the cash value. The policyowner can use the cash value to manipulate the flexible aspects of a universal life insurance policy. A customer who wants a policy that gives them the most options and the most control would be looking for a Universal Life Policy. Universal policies use gains to fund the cash value and give the policyowner options for flexible premiums and adjustable death benefits.

Industrial Life Insurance

issues very small face amounts, such as $1,000 or $2,000. Premiums are paid weekly and collected by debit agents. They were designed for burial coverage.

Ordinary Life Insurance

life insurance of commercial companies not issued on the weekly premium basis. It is made up of several types of individual life insurance, such as temporary (term), permanent (whole).

Group Life Insurance

life insurance that provides a master policy for a group; each eligible group member receives a certificate of insurance

Family Income Policy

pay an income beginning at the insured's death and continues for a period specified from the date of policy issue

Joint Survivor

payment to two or more annuitants and if one dies, the other still gets payments

Family Maintenance Policy

pays a monthly income from the date of death of the insured to the end of the preselected period

Variable life insurance policies

require a producer to have proper FINRA and National Association of Securities Dealers (NASD) securities registration prior to selling any variable policy contract, whether it be life insurance or an annuity, as they include regulated securities. These policies are also known as interest sensitive policies. The policies usually have a fixed level premium, but the cash value and death benefits of a Variable Life policy can fluctuate according to the performance of its underlying investment portfolio. A typical Variable Life Policy investment account grows through mutual funds, stocks, and bonds. This includes Variable Life, Universal Variable life, Variable Whole Life, and Variable Annuity. If a policyowner or applicant was looking for a policy to offset inflation, they would want to look into a variable policy. Since the policyowner is assuming all of the investment risk and the rate of return is not guaranteed, a person must have proper FINRA securities registration in addition to an insurance license to sell any variable contracts.

Non-Medical Life Insurance

typically does not require a medical exam and tends to be more expensive than medically underwritten policies. The insurer will average out everyone's risk and charge accordingly. Although insurers typically will not require a medical exam, they will still inquire about the applicant's medical history and lifestyle.