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Definitions - J

Joint and Survivor Option
A life insurance settlement option that allows the beneficiary to have the death proceeds paid out in the form of a joint and last survivor annuity.

Joint Plan
A life insurance plan that insures two or more lives and pays proceeds at the time of the first death.

Jumbo Risk
A risk involving exceptionally high benefits.

Jumping Juvenile Insurance Policy
Life insurance purchased by parents for children under a specified age. Provides permanent life insurance that increases in face value five times at age twenty-one with no increase in premium.

Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher since the premium payments are made during a shorter period.

Quick Life Insurance Terms Glossary

(some definitions taken from the National Association of Insurance Commissioners' Life Insurance Buyers Guide)

LIFE IS COMPLICATED....
BUT TERM LIFE INSURANCE DOES NOT HAVE TO BE.

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