Ordinary Life Insurance

9 months ago

Insurance Glossary Team

1 minute

Plain English Definition: A life insurance policy that provides coverage for the insured’s entire lifetime with fixed premiums and guaranteed benefits.

What Ordinary Life Insurance really means for someone with an insurance policy

Ordinary life insurance is a type of permanent insurance offering lifelong coverage with fixed premiums, a guaranteed death benefit, and a cash value component.

Ordinary Life Insurance Real World Examples

An individual purchases ordinary life insurance to ensure financial support for their family after their passing.
The policyholder builds cash value over time, which can be borrowed against if needed.
Fixed premiums make budgeting predictable for the policyholder.