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Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
88% - Very Often
88% - Very Often
|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.
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
- living benefits — Definition
- paid-up additional insurance — Definition
- permanent life insurance — Definition
- policy — Definition
- policy loan — Definition
- private annuity — Definition
- revocable beneficiary — Definition
- segregated fund — Definition
- self insurance — Definition
- single interest insurance — Definition
- single-premium life insurance — Definition
- substandard health annuity — Definition
- term life insurance — Definition
- transferable insurance policy — Definition
- universal life insurance — Definition
- vanishing premium policy — Definition
- variable death benefit — Definition
- variable life insurance (VLI) — Acronym
- voluntary life insurance — Definition
- whole life insurance — Definition
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