Term Life Insurance Glossary

Permanent and total disability

A condition that prevents an insured from returning to any gainful employment.

Permanent life insurance

Life insurance that provides coverage throughout the insured’s lifetime and also provides a savings element that builds a cash value.

For descriptions of traditional permanent (whole) life products see continuous-premium whole life insurance, graded-premium whole life insurance, and joint whole life insurance policy. For descriptions of nontraditional whole life products see universal life insurance and variable life insurance.

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