What does Retirement Income Policy mean? Read on to discover the definition & meaning of the term Retirement Income Policy - to help you better understand the language used in insurance policies.
Retirement Income Policy
A life insurance policy providing for income during retirement age based on a percentage of the face amount for monthly income. This type of policy will have a cash value in excess of the face amount in later policy years so as to provide high death benefits or adequate retirement income.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Retirement Income Policy. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: