We have always appreciated Philips quick response to questions or concerns. His expertise has supported our financial plans, and he has surpassed our expectations in terms of customer service. His is dependable, supportive, and knowledgeable; a combination that is invaluable!
Sylvie
Accidental Death Benefit Rider: Provides an additional benefit related to the face amount of the base policy whendeath occurs by accidental means.
Age Limit: The age (typically 70-85) at which an insurance company will not issue or renew a term life policy.
Beneficiary: The person(s) named in the policy to receive the life insurance proceeds upon your death.
Convertible: Term insurance that can be exchanged (converted) for a form of permanent insurance. Even if you are terminally ill at the time of conversion, the new permanent policy will be issued at standard rates.
Non-Convertible: To upgrade to a permanent insurance policy, you must submit to a medical exam.
Exclusions: Specified causes of death for which benefits will not be paid (eg. suicide).
Face Value: the amount that will be paid out at your death. This does not include additional amounts payable under accidental death or other special provisions.
Length of Term: the length of time you are insured for (typically 5, 10, 15, or 20 years, or to age 65, age 75 or age 100).
Renewable: Renewable policies give you the right to renew the policy after the selected term has expired without having to undergo another medical exam.
Non-Renewable: The policy terminates at the end of the selected term. If you wish to continue having life insurance, you must reapply and re-qualify medically for the new policy.
Waiver of premium: An optional rider on your policy that provides a degree of additional protection. If you have an accident and become disabled, you may no longer earn enough income to afford your insurance premiums. When you purchase a Waiver of Premium rider, after 6 months of disability the insurance company will waive all of your premiums so you do not lose your policy. They also refund the premiums you paid over the previous 6 months.