The Definition of Ordinary Life Insurance

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Ordinary life insurance is commonly defined as a policy that pays a beneficiary upon death. Learn about the definition of ordinary life insurance with help from a financial industry expert in this free video clip.

Part of the Video Series: Life Insurance Lessons
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Video Transcript

Hi, my name is Phil Cioppa. I'm the host of the nationally syndicated radio program, "The Phil Cioppa Show," and today the question that's been posed is what is the definition of ordinary life insurance. Ordinary life insurance is any life insurance policy that's going to pay a beneficiary upon death. So it's a policy that is used no matter what kind of policy, cash insurance policy or a term life policy that's going to be given to a beneficiary tax free as long as all the conditions have been met. Ordinary life insurance has a long history in this country. It has a long history both with fraternal benefits societies like The Knights of Columbus as well as with commercial companies that sprang up to help widows and orphans and others who were in need. So ordinary life insurance has been established so that you and and our families are protected in the case of death or other fatality. Thank you.

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