Life insurance (long-term) provides a benefit in the event of the policyholder’s death.
Mixed policies (long-term savings) provide a cumulative component in addition to insurance component.
Critical illness insurance provides a benefit when a specific critical condition is diagnosed.
Insurance premium is an amount the policyholder pays for the policy. The premiums are paid regularly, i.e. monthly, quarterly or annually.
Insurance coverage is an amount that the policy owner or beneficiary will receive.
Policyholder is a person who purchases the life insurance policy.
Beneficiary is a person who will receive the insurance benefit in event of the policyholder’s death.
Source: https://abc7.com/life-insurance-policies-how-to-use-living-benefits/13810439/
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