Insurance terms · LaterWise
Plain-language insurance terms.
Use these plain-language terms when a policy, illustration, quote, or broker conversation deserves a slower explanation.
- Long-term care
- Whole life
- Fixed annuities
- Disability insurance
Terms worth slowing down for.
Definitions are not a policy contract, quote, or recommendation. They are a cleaner starting point before you compare coverage.
Long-term care insurance
Coverage for qualifying care needs that health insurance and Medicare usually do not cover for long periods.
Elimination period
The waiting period before benefits may begin.
Benefit trigger
The policy condition that has to be met before a claim can start.
Inflation protection
A feature that may increase future long-term care benefits.
Cash value
The living value inside certain permanent life insurance policies.
Whole life dividends
Non-guaranteed payments some participating whole life policies may receive.
Fixed annuity
An insurance contract built around stated guarantees and carrier strength.
Multi-year guaranteed annuity
A fixed annuity with a stated rate period.
Surrender charge
A fee that may apply for taking more than allowed during the surrender period.
Disability insurance
Income protection if illness or injury keeps work from happening under the policy terms.
Own-occupation
Disability language focused on your own occupation.
Waiting period
The time between a qualifying event and possible benefit payments.
How to use this
Read the term, then read the policy.
The same word can behave differently by carrier, product, rider, state, and underwriting decision.
- Start with the definition.Get the plain meaning before you compare carrier language.
- Check what the contract says.Benefits, exclusions, riders, surrender rules, and claim requirements are controlled by the policy or contract.
- Ask the practical question.What would this term change in premium, benefits, claim timing, access, or long-term fit?