Types of Life Insurance
Pure Protection
Term Life
The ability to add your spouse onto your policy
Spousal Rider
The money that is paid to a beneficiary upon the death of the insured
Death Benefit
The phase of an annuity in which payments are being made
Accumulation Phase
Strategy Primerica teaches its clients
Buy Term and Invest the Difference
Permanent life insurance
Whole Life
Coverage for my 3yo
Child Rider
The amount of money paid on a regular basis to cover policy costs
Payments into an annuity
Premium
The rule that determines how long it takes for your money to double
Rule of 72
Flexible Premium Adjustable Life Insurance
Universal Life Insurance
Ability to add more coverage to a cash value policy
Return of overpaid premiums
Dividends
The phase in which money comes out of an annuity
Annuitization Phase
The strategy we teach to help people get out of debt
Debt stacking
Form of cash value life insurance whose savings component grows based on an index
Indexed Universal Life Insurance
Covers insured in the case of permanent disability
Waiver of Premium Rider
The amount of cash value that has accrued to date
Accumulated Value
The "insured" on an annuity
Annuitant
The amount of money you need to accumulate so one day you can live off that money and never have to go back to work
Financial Independence Number (FIN#)
The only form of life insurance that is considered to have an investment component
Variable Universal Life Insurance
Prevents policy lapse by pulling money from the cash value to pay the premium
Automatic Premium Loan
Accumulated value - surrender charge = ?
Surrender Value
The amount that someone can withdraw from an annuity without penalty during the accumulation period
10%
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