Does Life Insurance Terminology Have You Stressed Out?Article Posted by Expert Author: Adam Foley on 12/13/2013
For most people, being faced with unfamiliar terminology is just as bad as being forced to read through a thick owner’s manual or complicated instructions. If this sounds like you, then you are definitely not alone. You may even be ready to pull your hair out or completely give up. You have probably read the same sentence over-and-over, trying to understand it, but found yourself daydreaming about anything but the topic. Fair enough; it may not necessarily be a fun topic, but it may be an important one. This is true for life insurance terminology. The sooner you take the time to get familiar with the terminology, the faster you will find the coverage that you need, and be able to go to sleep at night knowing it is one less thing you have to worry about.
You can start by getting familiar with the most commonly used terms and then you can get to know other words you come across later, if you need to. You will find that when you explore the terminology word by word, it is a lot easier than looking at the big picture. Whole Life, Term Life and Universal Life are the three most commonly used terms you will face, and believe it or not, they are not as complicated as you think. In fact, when you explore the meaning, you discover that the term used really does describe exactly what it is. For example, Whole Life provides coverage for the policy holder’s “whole” life.
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