Buying term life insurance can be a daunting experience for some people. Just like in many industries, insurance policies use words that are defined differently than what the common definition is. As the insurance industry has a vocabulary of its own, the best thing to do would be to educate yourself on some of the key words so that when it comes time to apply for your term life insurance coverage it is a clearer and less intimidating process.
The following is a list of the more uncommon definitions that you will need to understand before buying a term life insurance policy:
1. Proposed Insured
The individual who is applying for the term life insurance coverage.
2. Beneficiary
The beneficiary of your term life insurance policy is the person designated by you to receive the policy benefits upon your death. You may designate that the benefits from your policy be allocated to multiple beneficiaries or even a charity. Beneficiary designations may be changed at any time.
3. Date of Birth
Age is an important factor in the insurance industry. The premiums you will be charged for term life insurance coverage are based in large part on the...
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