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People that are looking for life insurance to protect their family in the event of the unthinkable often find that they cannot understand the common terms used in the life insurance industry.  Without being able to understand the terms that are being used by the industry to sell you on a particular policy, you will not be able to make an informed decision about which life insurance products are best for your needs.  Below are some common life insurance terms and their meanings.

Term Life Insurance

These life insurance policies are valid for a particular time period, generally 10 or 20 years, and then expire if the policy is not renewed or a new policy is not purchased.  During the term that the insurance policy is in effect, the person is protected in the event of an accidental death or a death from natural causes, but the policy is generally invalidated if the person dies from their own actions, such as a suicide or alcohol related accident.

Group Life Insurance

Group life insurance policies are aptly named because they cover a group of individuals, generally the employees of a company.  The premiums for these insurance policies are often lower because of the large pool of people paying into the life insurance policy.  The premiums paid by the people who are younger generally offset the benefits paid out for the deaths of the older individuals covered by the policy.  For additional coverage, the people covered by the group life insurance policy can purchase individual insurance policies without jeopardizing their coverage under the group life insurance policy.

Joint Life Insurance

A joint life insurance policy is a life insurance policy that covers two people at the same time, generally a husband and wife, and pays out the benefits upon the death of the first person.  These policies are helpful to spouses that desire coverage but to not want to have two life insurance policies, but can be difficult in the event of a divorce.  Joint life insurance policies can be purchased as either a term or permanent life insurance policy.

Life Insurance Riders

Life insurance riders are the additional insurance products that are added to the life insurance policy at the time that the life insurance policy is issued.  Some of the most common life insurance riders include a premium waiver that allows the covered individual to stop paying the premium on the life insurance policy if they become disabled and an accidental death rider that pays double the benefit if the person dies in an accident.