Useful Terms and Definitions

What is Permanent Life Insurance?

Workings:

• Premiums payments can be level or flexible
• Premiums are paid over a number of years (e.g. 5, 10, or 20 yr.) or lifetime-adjust to fit your budget.
• proceeds are paid out when death occurs

• Money grows on Tax-advantaged basis
• This may be the lowest long term cost
• Helps you to regularly put money aside