Lapse

The termination of an insurance policy if premium is not paid by the end of the grace period.

Life insurance

Insurance that pays out a sum of money (death benefit) upon the death of an insured person.

Level term

Whether you purchased a 2, 10, or 20 year term, the premium (payment amount) will stay the same during that…

Insurer

The company providing the life insurance.

Insured

The person whose life is covered under the policy.

Insurable interest

When any person would suffer a financial, emotional, or any other type of loss because of the death of the…

Grace period

The length of time (60 days) after a premium is due and unpaid during which the policy remains in force.

Free look provision

A certain amount of time provided (usually between 10-30 days) to an insured in order to examine the insurance policy…

Face amount

The value of a policy to be provided upon death of the insured, also referred to as death benefit.

Expiry Date

The date on which the insurance coverage under your policy ends.

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