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A premium is the money paid monthly or annually to keep a policy active. If you stop paying premiums, the policy lapses. The premium depends on what type of plan you have and how much the beneficiaries will get after the insurers death.

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In Universal Life Insurance the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest. The policy is debited each month by a cost of insurance charge as well as any other policy charges and fees drawn from the cash value.

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Variable Life Insurance is a permanent Life insurance picture with an investment component. The policy has a cash value account, which is invested in a number of sub-accounts available in the policy.

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A beneficiary is the person, that receive money if the policyholder dies. There can be more than one beneficiary named on the policy.

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Whole Life Insurance is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid.

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Term Life Insurance lasts for a predetermined amount of time, known as the term. This is usually the most affordable type of life insurance, and lasts only as long as you need it to cover debts and provide for beneficiaries.

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Is an agreement between the insurer and the insurance company that when the insurer dies the insurance company will pay a designated sum of money to the insurers beneficiary in exchange for a premium.