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Today's Terms
Incontestability
Definition:
A statutory provision permitting erroneous enrollments that have continued for at least two years to become valid, if you have paid the applicable premiums during the period of erroneous coverage.
Living Benefits
Definition:
Basic insurance benefits (full or partial) paid to you while you are still living, rather than paid to a beneficiary when you die. You must be terminally ill, with a life expectancy of 9 months or less, to qualify for a living benefit.
Defined Benefit Pension Plan
Definition:
A pension plan that promises participants a specified monthly benefit at retirement.
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