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.
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.
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.
All the protection you get from your life insurance
policy in return for the hard earned cash you’ve handed over for it.
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.
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.