Insurance Glossary


The person(s) named in the policy to receive the life insurance proceeds upon the death of the insured.

Term Insurance

Life insurance that does not build up cash value and where the premium normally increases as the insured gets older

Cash (Surrender) Value.

The amount that is available in cash for loans and that may be available for withdrawals. Accessing Cash Surrender Value may reduce the death benefit and may increase the risk of lapse.

Face Amount

The amount stated on the face of the policy that will be paid in case of death. It does not include additional amounts payable under accidental death or other special provisions, or acquired through the application of policy dividends.

Convertible Term Insurance.

Term insurance which can be exchanged (converted), at the option of the policyowner and without evidence of insurability, for a permanent insurance policy.


A return of part of the premium on participating insurance that is based on the insurer’s investment, mortality, and expense experience. Dividends are not guaranteed.


Acceptability to the company of an applicant for insurance.

Insured or Insured Life

The person on whose life the policy is issued.

Loan (Policy Loan)

A loan made by a life insurance company from its general funds to a policyowner on the security of the cash value of a policy.

Policy owner

The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation.

Paid-up Insurance

Insurance that will remain in force with no need to pay additional premiums.


Payments to the insurance company to buy a policy and to keep it in force.

Participating Policy

A life insurance policy that is eligible for the payment of dividends by the insurer (see also Dividend.)

Permanent (Life Insurance)

Any form of life insurance except term; generally insurance that builds up a cash value, such as whole life, universal life (index, fixed, or variable).

Renewable Term Insurance

Term insurance which can be renewed at the end of the term, at the option of the policyowner and without evidence of insurability, for a limited number of successive terms. The rates generally increase at each renewal as the age of the insured increases.

Whole Life Insurance

A basic type of permanent life insurance which can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force.

Level Premium (Life Insurance)

Life insurance for which the premium remains the same from year to year. The premium is normally more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a reserve is a natural result of level premiums. The payments in the early years, together with the interest that is to be earned, serves to balance out the underpayment of the later years.

Universal Life Insurance

A flexible premium life insurance policy under which the policyowner may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates which may change from time to time.

Up to 10-20 days (depending on the state of issue)
after you receive your policy, you can return it for
a full refund of the premiums paid.

Get a quote

See a range of personalized
price estimates in seconds.


When was the last time you had your life insurance coverage reviewed?

Your life and circumstances – your need for more and better coverage, at a better price.

New life insurance products – pricing and features that may be very important to you!



Policy Review is a consumer-driven process focused on evaluating the performance of your life insurance policy and comparing it against the best products available in the marketplace. Let us offer you a complimentary policy review!

It is easy and simple (but so important to you and your loved ones), just email us your request and we will follow-up with the policy review – mypolicyreview@termsavers.com

Call Us
(800) 426-4505

Mail us for help!

3736 Fallon Rd. #312 Dublin, CA 94568