Life Insurance Learning Center - The Basics
Life Insurance Quote Terminology!
Before you begin reading about the different policies and before you obtain a life insurance quote, it is important that you learn the life insurance quote lingo so that none of the portions are unclear to you. Obtaining a good life insurance quote depends on what you want and the knowledge that you bring to the life insurance quote table.
You probably know what a beneficiary is because it is not a term that is only used in life insurance policies. In this case, the beneficiary is the person who receives the policy's death benefit after the insured dies.
The insured is the person whose life the policy is taken out against. When the insured dies, the death benefit goes to the beneficiary.
The policy owner is the person who owns the life insurance policy. Being the owner, this person has the right to designate the beneficiary. Most of the time, as you probably guessed, the policy owner and the insured are the same person. However, sometimes, a spouse can take out a policy against her husband, insuring herself against his death.
The premium payer is the person who pays all of the life insurance premiums. Again, in most cases, the policy owner and the premium payer are the same person. However, sometimes there are exceptions to the rule, as discussed above. Also, paying the premium does not give ownership rights over the policy. The rights are reserved by the policy owner.
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