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Life Insurance Terms

If you are here, chances are you are shopping life insurance quotes for yourself or a loved one. One of the first comments we get is, “there are so many options and the language is very confusing!”. We couldn’t agree more and while the insurance industry is the greatest tool for helping protect families and provide benefits in times of need, they have not don’t a very good job of making it simple.

Therefore, when we created our company, simplicity and transparency were at the core of our mission. While no online solution can replace the guidance of a conversation with our agents, we hope this article sheds some light on the common terms you will come across in your search for the right policy at the right price for you.

Carrier | This is also known as the insurance company. They are who you will pay your premiums to in exchange for a policy that will pay benefits upon your death.

Whole Life Policies | This type of insurance provides coverage for as long as you live, and premiums are paid. With the policies we offer your premium rate never changes and can be cheaper than term insurance over time.

Insured | This is the person whose life is covered by the insurance policy in the event of death.

Beneficiary | This is the person designated by the Insured, that will receive the benefit of the policy at the insureds death.

Policy Owner | The Policy owner is the person who is able to make decisions about the policy, such as making payments or updating information. Generally, the policy owner is the same as the insured, unless the insured is incapacitated, in which case it is typically a trustee.

Death Benefit | The amount chosen at time of purchase to be paid at the death of the insured. The most typical amount we see is $10-15k.

Riders | Riders are coverage options that can be added to an insurance policy, sometimes for a fee. These benefits are subject to limitations and exclusions as detailed in the riders.

If you have any questions regarding these or other life insurance terms, please do not hesitate to reach out to one of our experienced agents to have your questions answered promptly.

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