Section 1035 Exchange
A provision of the Internal Revenue Code that allows s policyholder to exchange one life insurance contract for another life insurance contract or annuity contract without triggering a tax consequence.
Archives: Glossary Terms
Separate Account
In a variable life insurance policy, an investment account is maintained separately from the general account of the insurer. Policyholders can invest in various types of investments among several separate accounts available within the policy; however, because they are separate from the general account, the policyholder assumes any risk associated with the investments.
Special Benefits
These special benefits are the base benefits that come with the insurance policies at no additional cost to you. Note that these features differ by each insurance provider.
Student Loan
On average, physicians graduate with over $200,000 of student debt. With some carriers, the policyholder has the option to purchase a Student Loan Rider which will directly reimburse your student loan holder for the amount of any monthly repayments while on a claim. Oftentimes, this coverage is only available for the first 10-15 years of the policy’s … Read more
Sub-Standard Risk
The status given to a person applying for life insurance who, based on the insurer’s underwriting criteria has the indications of a higher risk because of medical condition, family history or a higher risk life style or occupation.
