We've organized the most common financial terms and explained them in simple, friendly ways.
A type of life insurance policy with a predetermined time frame for coverage (i.e., the term). Term life plans typically range from 10 to 30 years, and are considered to have more affordable premiums.
A legal right of ownership to a property, including the right to sell. When buying a home, a title search is performed to verify the seller's ownership and uncover any potential easements or liens on the property. Some lenders also require title insurance for homebuyers.
Instead of assigning one or multiple individuals as a beneficiary, a life insurance policy can also place the death benefit into a trust that can be accessed by beneficiaries or trustees at the discretion of the policyholder.