GLOSSARY

Confused by technical life insurance terminology? Don't worry, we can translate for you. We've provided definitions for the most common terms you're likely to encounter.

  • BENEFICIARY

    Derived from the Latin word for good, you choose this person or party to get the goods – aka your life insurance policy’s “death benefit” – in the event of your death.

  • BROKER

    An independent salesperson who searches throughout the whole insurance market to maximize your protection while minimizing the cost for that protection. Brokers are the matchmakers of the insurance world.

  • COVERAGE

    All the protection you get from your life insurance

    policy in return for the hard earned cash you’ve handed over for it.

  • POLICY

    This document is the glue that holds everything we’re talking about together. It’s the insurance contract detailing your rights and duties and those of your life insurance company.

  • PREMIUM

    You don’t work for free and neither does your life insurance policy. Its premium is the cash you pay to keep your policy active and working for you.