The information presented on this Glossary is not an insurance policy, declarations page or endorsement. This information is provided for general informational purposes only and does not alter or replace any insurance policy issued by us. Additionally, this information is not intended to fully set out your or our rights and obligations under any insurance policy issued by us. If you are one of our policyholders, you acknowledge your understanding that you must refer to the language of your insurance policy for the applicable agreements, terms, exclusions and conditions of coverage. ACCIDENT AND HEALTH INSURANCE: Coverage for accidental injury, accidental death, and related health expenses....
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Crucial Insurance Terms Every Policy Owner Must Know Insurance terms and jargons make insurance a complicated subject for people who wish to purchase insurance, which is why they end up relying upon insurance agents for making a good decision. Come to think of it, when a person is not aware of the insurance lingo, this seems to be the only option to take a sensible insurance decision. With that said, is getting familiar with insurance glossary really that strenuous a task? If we were to have a say, then we would say “No, not at all”, and we mean it. The knowledge of the most basic insurance terms isn’t as herculean a task as it is made out to be, and can help you take a much wiser decision...
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Life insurance: It’s an important financial topic, but many people just don’t understand it. At its most basic, it’s a way to protect your loved ones in the event of your death—in addition to preparing a will and implementing a financial contingency plan. So, it’s worth taking a little time to learn more about it. Different Types of Life Insurance The first thing to know is there are two general types of life insurance policies: term and permanent. As long as you pay your premiums, both come with a death benefit that will be paid to your designated beneficiaries upon your death. Term life insurance policies are valid for a set period of time, after which they expire. If you die within the...
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Choosing the right life insurance policy for your needs isn't always straightforward, not just because it can be a big decision but because life insurance policies and their various terms can be overwhelming. That's why we've created this simple breakdown of the various terms you're likely to encounter when you start to compare life insurance options. The A-Z of Life Insurance terms Accident: an event which solely and directly causes injury as a result of violent, external and visible means. Automatic Indexation Benefit: helps keep the value of your insurance cover in line with inflation. Most insurers automatically increase the value of your insurance each year on your policy anniversary...
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When you go shopping, would you rather be knowledgeable or ignorant about some basic things that can help you make a smarter decision about buying the product? The answer is obvious. The same discipline and shopping habits should also be used when buying financial products such as Life Insurance. Here we share with you basic terms that everyone must be knowledgeable about, followed by an example to help you relate to these terms. 1) Insured: The insured is the person who life is being insured. 2) Nominee / Beneficiary: This is the person who will receive the policy proceeds in case of death of the insured. The owner of the policy designates the nominee but the nominee is not a part of the...
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Understanding Key Terms in Your Life Insurance Policy The benefits of life insurance are innumerable — from the peace of mind you get knowing you can protect your loved ones in the future to the immediate financial assistance that a policy can generate in an emergency, such as through a Life Credit Living Benefit Loan. With so many advantages, however, comes complexity, as there are myriad policies and ways in which they can be maximized. To navigate that confusion, there are some life insurance terms to know that, once you’re familiar with, can build a foundation to help you determine the best way to buy and use life insurance. Life Insurance Terms to Know Dividends: If you have what is...
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7 Healthy Lifestyle Tweaks To Give Your Life More Structure This Fall 5 Ways Living With Intention Helped Me Learn To Finish Things I’ve Started 10 Underrated Job Skills You Probably Already Have “Treat Yourself” Mentality Destroyed My Self-Control. Here’s How I’m Getting... How I Work 60+ Hours A Week To Make Extra Money Without Losing My Sh*t You’re Not A Girlboss — You’re Just Trapped in An MLM Scheme I remember when I was a child, watching my favorite Pokemon or Spongebob Squarepants TV show, and intermittently an advert would come up for insurance. At this point, I would completely zone out and hear “blahblahblah ~ adult stuff ~...
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Cut through the jargon and get to know the most frequently used life insurance terms What is life insurance? Life insurance cover provides a lump sum payment upon your death to help cover your bills and support your family if you die within the policy term. Life insurance takes many forms, and as with any financial product some of the terms used can be confusing to those new to the subject. Our jargon buster aims to simplify some of the terms associated with buying a life insurance policy, so read on to learn more or get started by comparing life insurance quotes below. Compare life insurance Compare life insurance with Uswitch and get cover from just £5 per month* The beneficiary is the...
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You probably have life insurance, but what about credit life insurance? It’s not for everyone, and the premiums are higher than regular insurance. But, if you’re carrying a lot of debt it can prevent your family from having to pay off your debts after you pass away. Some lenders will require it, but depending on where you live, the insurance might not cover the full amount of your loans. Read on for the five things you need to know about Credit Life Insurance: 1. Credit life insurance is not life insurance Life insurance covers the policyholder and makes payouts to their survivors upon their death. Credit life insurance covers a large loan. It benefits its lender by paying off the...
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Everybody knows what the ultimate purpose of life insurance is, but not many people in Bangladesh understand how exactly the coverage of a life insurance policy works. Common queries regarding life insurance policies How does life insurance work? What benefits will I get from my life policy with MetLife? What is life insurance? Understanding how insurance works Although the idea of protection behind life insurance is very obvious to the people of Bangladesh, the investment options and the possibility of creating wealth are not clear to everyone. Understanding the concept behind life insurance and how life insurance policy works can help to protect your family with wealth management and...
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