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Glossary of Life Insurance Terms

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Definitions written so you can actually understand them. Browse alphabetically, or search for a word or term by typing it into the search field located in the top navigation by the GO button (above right).

Keogh Act
Another name for the Self-employed Individuals Tax Retirement Act of 1962. The Keogh Act provided the mechanism for self-employed workers to save money for retirement. Eligible savers deposit money in a government-approved account that is managed by a financial institution, such as an insurance company or a bank.

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Key-Person Insurance
Purchased by a business to insure itself against the financial loss that would ensue upon the death or disability of an irreplaceable person. Key-person insurance is most often purchased by small businesses where the company’s product or service depends overwhelmingly on the contribution of a single partner, owner or employee.

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Life insurance...because
life is unpredictable.

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