Indexed Universal Life (IUL)
A type of permanent life insurance that combines a death benefit with a cash value component. The cash value grows based on the performance of stock market indexes while providing downside protection.
Insurance Glossary
Understanding insurance terminology is key to making informed decisions. Browse our comprehensive glossary of insurance terms organized by category.
IUL - Indexed Universal Life
Terms About IUL - Indexed Universal Life
Cash Value
The savings component of a permanent life insurance policy that accumulates over time. In IUL policies, cash value grows based on index performance with caps and floors.
Cap Rate
The maximum interest rate your IUL cash value can earn in a given period, even if the linked index performs better. This limits upside potential but provides predictability.
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Flexible permanent life insurance with cash value growth potential tied to market indexes, offering both protection and wealth accumulation.
ACA – Affordable Care Act
Terms About ACA – Affordable Care Act
Affordable Care Act (ACA)
A federal law enacted in 2010 that provides access to affordable health insurance through the Health Insurance Marketplace. Also known as Obamacare.
Premium Tax Credit
A subsidy that helps lower monthly health insurance premiums for eligible individuals and families. Credits are based on income, family size, and the cost of coverage.
Essential Health Benefits
Ten categories of health services that all ACA plans must cover, including preventive care, emergency services, hospitalization, prescription drugs, and mental health services.
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Get comprehensive health coverage through the ACA Marketplace with premium tax credits and essential health benefits.
Dental & Vision
Terms About Dental & Vision
Annual Maximum
The maximum amount your dental insurance will pay for covered services within a benefit year. Once reached, you're responsible for 100% of additional costs until the next benefit year.
Waiting Period
A period of time you must wait before certain dental services are covered. Preventive care often has no waiting period, while major procedures may require 6-12 months.
DHMO
Dental Health Maintenance Organization - A type of dental plan that requires you to see dentists within a specific network. Typically has lower premiums and no deductibles but less flexibility.
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Affordable dental and vision insurance plans to help maintain your oral and eye health with coverage for exams, cleanings, and treatments.
Final Expense (Burial)
Terms About Final Expense (Burial)
Final Expense Insurance
A type of whole life insurance designed to cover end-of-life expenses such as funeral costs, burial or cremation, medical bills, and outstanding debts. Also called burial or funeral insurance.
Guaranteed Acceptance
A type of final expense policy that accepts applicants regardless of health conditions. These policies typically have waiting periods and may have higher premiums.
Simplified Issue
A type of final expense policy that requires answering a few health questions but no medical exam. These policies typically have shorter or no waiting periods compared to guaranteed acceptance.
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Affordable permanent life insurance designed to cover funeral costs, medical bills, and other final expenses, providing peace of mind for your loved ones.
Hospital Indemnity
Terms About Hospital Indemnity
Hospital Indemnity Insurance
A type of supplemental insurance that pays fixed cash benefits (a set dollar amount per day) directly to you when you're hospitalized, regardless of other insurance coverage.
Daily Benefit
The fixed dollar amount paid per day of hospitalization in a hospital indemnity policy. Benefits are typically $100-$500 per day, paid directly to the policyholder.
Maximum Benefit Period
The maximum number of days per hospitalization or per year that hospital indemnity benefits will be paid. Some plans have unlimited benefit periods.
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Supplemental insurance that pays cash benefits directly to you when you're hospitalized, helping cover expenses not covered by your primary health insurance.
Short Term Medical
Terms About Short Term Medical
Short Term Medical (STM)
Temporary health insurance that provides coverage for limited periods, typically 30 days to 12 months, with some plans allowing renewals up to 36 months. Designed to fill coverage gaps.
Coverage Gap
A period when you don't have health insurance coverage. Short-term medical is designed to fill these gaps, such as between jobs or while waiting for ACA enrollment.
Medical Underwriting
The process of evaluating your health history to determine eligibility and premium rates. Short-term medical plans use medical underwriting and can deny coverage based on health conditions.
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Temporary health insurance coverage for gaps between major medical plans, offering quick enrollment and flexible terms.