ALLiS Login | (877) 254-4429
Please note our response time may not be as quick as we would like due to Hurricane Ian approaching our Tampa Bay offices. Thank you for your patience while our LLIS team makes arrangements for their health and safety.
No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.
Choose a section to view:
The time between the due date of a premium and policy lapse (typically 30 days). During the grace period, the insurance remains in force and payment may be made to keep the policy in good standing. If death occurs during the grace period, the death benefit would be paid (reduced by the amount of premium due) after company approval. Once the grace period has ended, the insurance has lapsed and coverage is no longer in force. Most policies provide for reinstatement of the insurance up to a specified period of time -- usually three years -- and cannot be any later than the expiration of the policy. The insured must provide proof of insurability, complete an application for reinstatement, and may have to submit to a new health examination. Payment in full of back premiums will also be required.
The person who establishes a trust and gives up all control over the trust assets.
Offers flexible premiums and an accumulation value, designed so that both death benefit and premiums are guaranteed. Premiums are used to fund the required reserves (which help to cover the long term guarantees), so cash values are lower than other types of policies. GUL policies are ideal for people who want guarantees but are not interested in cash value accumulation. Any change in GUL policies -- such as a policy loan or missed premium -- could result in a higher premium when recalculated.