A person who is entitled to receive benefits from an annuity.

In its simplest form, a contract between you and an insurance company. In exchange for your contributions, Church Life Insurance Corporation agrees to:

• pay a stated interest rate.
• guarantee¹ the return of your principal with interest.
• can provide tax-deferred growth.
• guarantee income for life, if you pick that payment option. At payout, you direct the life insurance company either to make monthly payments based on your contribution balance or give you a lump sum payment. 

¹Guarantees are based on the claims-paying ability of Church Life Insurance Corporation. The Church Pension Fund does not guarantee the interest or principle.

The individual or entity designated to receive a life insurance or annuity death benefit upon the death of the insured or the annuitant.

A secondary or alternate beneficiary.

A beneficiary whose interest cannot be revoked without that individual's written consent, usually because the policy owner has made the beneficiary designation without retaining the right to revoke or change the designation.

Those who, if living, are first entitled to the proceeds.

Those entitled to receive the policy's proceeds if no primary beneficiary is living when the insured or contract holder dies.

Church Life Insurance Corporation (Church Life) is an insurance company founded in 1922 as an affiliate of The Church Pension Fund with the sole purpose of providing life insurance and annuities to Episcopal clergy, lay employees, and their immediate families. Church Life has high ratings from independent rating agencies.

Life insurance policy proceeds payable to the beneficiary upon proof of the insured's death. Also available in some annuities.

This term refers to the total death benefit payable, upon the death of the insured, including amount(s) of the base policy and any term riders, any dividends, and interest earned.

The death benefit is reduced by outstanding loans, loan interest due, unpaid premiums and, if applicable, amounts accelerated due to terminal or chronic illness. The amount includes only the death benefit applicable to the insured listed on the statement and not any other insured persons covered by riders.

The assets owned by an individual at the time of his death.

A process for the orderly handling, administration, and distribution of your estate when you die. Depending on the size of your estate and your objectives, estate planning may involve:

• creating and conservation an estate for heirs
• limiting shrinkage of the estate
• creating adequate liquidity to pay estate settlement costs (including probate, debt repayment and estate taxes)

Life insurance can help provide funds to meet such objectives.

The process of distributing a deceased's estate, first paying all existing debts and taxes and transferring the remainder to one's heirs.

That person or entity appointed to carry out or "execute" the provisions of a will. The executor has a number of responsibilities and bears a degree of legal liability.

These are costs associated with a death that must be settled before a person's estate is distributed. Final expenses may include funeral and burial costs, existing debts, taxes, and other outstanding expenses.

An annuity that earns a fixed, guaranteed rate of return on cash values and provides fixed payments during the payout period, regardless of other economic conditions. This contrasts with a variable annuity, which features accumulation or loss based on the performance of investment funds selected by the contract owner.

An individual's accumulated wealth and property (net premium plus expenses) at the time of his or her death.

Life insurance usually offered without medical examination on a group of people through a master policy.

Any person who has a right to receive all or a portion of the estate of a decedent.

Coverage purchased on an individual basis, rather than group coverage.

A trust that cannot be changed or canceled by the grantor. An irrevocable trust can be used for estate planning purposes.

A financial tool indemnifying against the loss of the insured person. A policy under which the insurance company agrees to pay a death benefit upon the death of the insured.

The printed document issued to the policyholder by a company stating the terms of the insurance contract.

Church Life Insurance Corporation offers individual life insurance products issued by Protective Life Insurance Company, one of the nation's leading insurance companies, with high ratings from independent rating agencies. 

A court-supervised process of validating a will or establishing distribution of a decedent's assets.

In life insurance, the net amount payable by the company at the insured's death or at the maturity of the policy. This amount is sometimes referred to as the death benefit.

In life insurance, a beneficiary whose rights in the policy are subject to the policy owner's reserved right to revoke or change the beneficiary designation at any time and without the consent of the beneficiary.

A document containing an individual's wishes concerning the disposal of his or her property (estate) at death.