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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
88% - Very Often

Life Insurance

Synonyms:life coverage, life insurance policy, personal insurance
Notes:CanEquity offers life insurance.
Filed Under: estate-management, insurance, investments
Tags: insurance, investment, life insurance

Definition of life insurance

life insurance
1. An insurance policy where an insurer agrees to pay out benefits, as per the terms of the contract, to a beneficiary, or multiple beneficiaries, upon the insured person's death. Some life insurance policies will pay out in the event of a terminal or critical illness.

Related Terms and Acronyms:

  • accidental death benefit (ADB)   An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
      ➥  A life insurance policy rider.
  • critical illness insurance (CII)   Insurance that covers individuals in the event of a critical or catastrophic illness.
      ➥  A health insurance policy rider.
  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • disability insurance (DI)   Insurance that covers individuals who develop a condition that hinders their ability to work.
  • health maintenance organization (HMO)   A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • long term care insurance (LTC)   Insurance that covers health care costs for individuals with chronic or disabling conditions.
  • mortgage life insurance   Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
  • second-to-die insurance   Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
  • travel insurance   Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.

More Related Terms and Acronyms

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