Person or persons named to receive proceeds in case the primary beneficiary is not alive. Also referred to as a secondary or tertiary beneficiary.
Statements or proof or a person’s physical condition affecting the acceptance for insurance.
A tax-advantaged medical savings account available to taxpayers in the U.S. who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit.
Allows policyholder to continue ("port") his/her insurance coverage when his/her employment is being voluntarily or involuntarily terminated.
Additional life insurance coverage on top of your Basic Life insurance.
A clause that waives the policyholder's obligation to pay any further premiums should he/she become seriously ill or disabled. It allows people to benefit from an insurance policy, even when they cannot work.