Life Insurance

Life Insurance
Life-policy, beneficiary, and long-duration coverage terms.
Beneficiary
Beneficiary in Canada: how life-insurance proceeds are directed after the insured's death.
Beneficiary Designation
Policy record directing who should receive life-insurance proceeds.
Cash Value
Accessible internal value that can build inside some permanent life policies.
Contingent Beneficiary
Backup beneficiary named to receive proceeds if the primary one cannot.
Death Benefit
Death benefit in Canadian life insurance: how the policy amount is paid when the insured dies.
Irrevocable Beneficiary
Beneficiary designation the policy owner usually cannot change without consent.
Policy Loan
Loan taken against the value of an eligible permanent life-insurance policy.
Revocable Beneficiary
Beneficiary designation the policy owner can usually change without consent.
Term Life Insurance
Term life insurance in Canada: how fixed-period life coverage differs from longer-duration life products.
Waiver of Premium
Provision suspending premium payments after a qualifying disability.
Whole Life Insurance
Permanent life-insurance form built for long-duration coverage and policy-value accumulation.