Glossary

Premium – Refers to the monthly or annual cost of your insurance policy

Lapse – This refers to the ending of your policy due to non-payment of your insurance premium

Beneficiary – The person that is entitled to a portion or all of the benefits of a Trust.

Deferred Payment Period – This refers to the amount of time between payments.

Deferred Period – Refers to the amount of time that has to pass before a claim for benefit can be made.

Houseperson Benefit – A reduced level of coverage given to one that is not employed any more and is delegated to household duties.

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