Define: Regular Life Policy

A regular life policy is a type of life insurance policy that provides coverage for a specified period, typically 10, 20, or 30 years. It pays out a death benefit to the designated beneficiaries if the insured person passes away during the policy term.

Unlike whole life insurance, which provides coverage for the entire lifetime of the insured person, a regular life policy has a specific term. Additionally, regular life policies generally have lower premiums compared to whole life insurance.

Yes, you can typically cancel your regular life policy before the term ends. However, it is important to review the terms and conditions of your policy, as there may be penalties or fees associated with early cancellation.

Some regular life policies offer a conversion option, allowing you to convert your policy into a whole life policy. However, this conversion option may have specific conditions and time limitations, so it is advisable to consult with your insurance provider for more information.

Regular life policies do not accumulate cash value like whole life policies. Therefore, you cannot borrow against the cash value of a regular life policy.

Yes, you can name multiple beneficiaries for your regular life policy. You can specify the percentage of the death benefit each beneficiary will receive or designate primary and contingent beneficiaries.

In most cases, the death benefit received from a regular life policy is not subject to income tax. However, if the policy has been sold or transferred for value, there may be tax implications, so it is recommended to consult with a tax professional.

Yes, you can generally change the beneficiaries of your regular life policy at any time. You may need to complete a beneficiary change form provided by your insurance company.

Some regular life policies offer the option to purchase additional coverage, known as riders. These riders can provide additional benefits such as accelerated death benefits or coverage for specific events like critical illness or disability.

If you outlive the term of your regular life policy, the coverage will expire, and no death benefit will be paid out. However, some policies may offer the option to renew the coverage or convert it into a different type of policy, subject to certain conditions and limitations.