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Index | Different Articles | Life Insurance Abbreviations

Life Insurance Abbreviations

If you decide to acquaint yourself with the information concerning Life Insurance, you will most likely turn to the World Wide Web in quest of explanations of different plans and options you can choose from. The odds are that you will face a number of abbreviations pertinent to this sphere of insurance. Here are the most common abbreviations:

LI - Life Insurance

UL - Universal Life Insurance

VL - Variable Life Insurance

VUL - Variable Universal Life Insurance.

LINA takes two definitions: 1) it is Life Insurance Company of North America and 2) Life Insurance Needs Analysis.

MEC - Modified Endowment Contract a contract your Variable Universal Life Insurance turns into provided the predetermined maximum amount of the premium for a given death benefit under a VUL policy is exceeded. With MEC you lose the tax advantages intrinsic to VUL policies and any withdrawals from the cash value is taxable as ordinary income.

ROP - Return of Premium Term Life Insurance.

FEGLI - Federal Employees Group Life Insurance.

VGTL - Voluntary Group Term Life Insurance

VGLI - Veterans' Group Life Insurance.

CLU - Charted Life Underwriter. This is a professional advertiser in business and family financial security affairs when it comes to Life Insurance.

SWL - Survivor Whole Life Insurance

SUL - Survivor Universal Life Insurance

WL - Whole Life Insurance