A retirement savings program similar to a 401(k) offered to employees of certain employer groups, such as public education institutions or nonprofit organizations.
A retirement savings program that allows state and local governments and their employees to set aside tax-deferred income for retirement.
A life insurance policy benefit that allows policyholders to receive part of their death benefit in case they're diagnosed with a terminal illness. Also called terminal illness benefit.
The amount of money left after federal income taxes have been withheld.
A person entitled to receive payments from an annuity.
The conversion of money in an annuity into a stream of regular lifetime income payments.
A financial product designed to pay out a series of periodic payments in exchange for the owner's payment of a premium.
The amount the holder of a life insurance policy or annuity may receive if the policy or annuity is surrendered before the insured's death or before it matures. Also called cash value and surrender value.
See cash surrender value.
A term life insurance policy that policyholders can convert to permanent insurance.
The amount of money paid to a beneficiary when a person insured under a life insurance policy or the owner of an annuity contract dies.
Payments made from deferred annuities during the accumulation period.
An investment strategy that seeks to minimize risk by investing a fixed amount at regular intervals, regardless of the market's ups and downs.
The transfer of funds between accounts by electronic means, such as wire transfer, ATM and computer.
Documentation of an insurance applicant's physical fitness.
An investment professional who helps clients achieve their long-range financial goals.
A 12-month accounting period over which a company budgets its spending.
An annuity that guarantees to pay a fixed amount of money for a specified period of time.
A premium payment method that allows the amount and frequency of payments to be varied at the payer's option.
The length of time following the premium due date that payment may be made without penalty.
The minimum amount that will be paid upon the insured's death regardless of the policy’s cash value at that time.
An annuity purchased with a lump sum designed to provide a guaranteed income stream for a certain number of years or for life. Also called immediate annuity.
A tax-deferred savings plan used by individuals to earmark a portion of their income for retirement.
The person or organization for which an insurance policy is issued.
The insurance company that promises to pay losses or benefits to the insured.
See individual retirement arrangement.
Insurance that covers the lives of two or more persons with the death benefit payable on the first death, the second death or upon each death.
Any person who possesses a unique ability essential to the success of a business and whose death or disability would cause the business a significant financial loss.
Insurance that a company purchases to protect itself from financial losses that occur when a key employee dies or becomes disabled.
Insurance that pays a death benefit that remains the same throughout the term of the policy.
A medical plan that offers a limited or reduced set of benefits compared to major health plans.
Insurance that provides disability income benefits after short-term disability income benefits terminate.
Longevity insurance is a concept, not a product. It enables customers to use a small portion of their current savings to buy guaranteed income for their later retirement years.
A plan under which an employer or employee organization makes regular contributions into an account to provide covered employees with income that begins at retirement.
Live insurance that provides coverage throughout the insured’s lifetime, provided premiums are paid.
The period of time during which a term life insurance policy provides coverage.
The ability of employees to retain insurance coverage or pension benefits when they leave the providing benefit plan.
A collection of investments owned by an individual or organization designed to meet their financial goals.
Withdrawals from a deferred annuity made before the owner reaches age 59½.
Contributions to a tax-advantaged account made with money on which income taxes haven't yet been paid.
The amount an insurance company pays to settle an insurance policy.
A legal document used by companies offering securities for sale that contains most of the information included in the issuer’s registration statement.
A retirement plan established by employers for their employees that must meet complex legal requirements to be eligible for federal income tax benefits.
The minimum amount the IRS requires be withdrawn each year from qualified retirement plans and traditional individual retirement arrangements (IRAs) once the owner reaches age 70½. Also called minimum distributions.
An amendment or addition made to a contract that expands or limits its benefits. Also called endorsement.
The degree of financial risk that an investor is willing to handle.
An individual retirement arrangement (IRA) featuring nondeductible annual contributions and tax-free growth.
A life insurance policy or annuity contract purchased by payment of a lump sum.
Insurance purchased by employers with self-funded health plans that protects them against potentially catastrophic medical claims.
A charge imposed for prematurely withdrawing all or part of an annuity.
See cash surrender value.
An arrangement allowing deferred annuity contract owners to make withdrawals at regular intervals from the annuity’s accumulated value.
See accelerated death benefit.
Life insurance that provides coverage for a specified number of years.
An organization that administers group benefit plans for employers.
A form of permanent life insurance that offers flexible premiums, adjustable death benefits and the ability to make withdrawals from the cash value.
Life insurance with payment amounts based on the performance of the underlying investments chosen by the policyholder.
Life insurance that combines aspects of variable life insurance and universal life insurance. The death benefit and cash value can fluctuate based on the performance of the underlying investments.