Getting Comfortable with Life Insurance TerminologyArticle Posted by Expert Author: Adam Foley on 03/08/2013
When you purchase a home, you don’t need to be 100 percent familiar with all the lingo that realtors and agents use, but you do need to have a little knowledge of the basic words, such as fixed rate, term, variable rate, closing cost, inspection, etc. This same concept applies to obtaining coverage from reputable life insurance companies. There is a lot of terminology that you will see and hear tossed around by those in the industry. You don’t have to fully understand every single word, but a little basic knowledge will go a long way in helping you get the exact coverage that you need.
The easiest way to do this is to make a list of different words you should explore. A few to get you started include Whole Life, Term Life, Universal Life, Survivor Life, Variable Universal Life, term, beneficiary, disability insurance, disability waiver, guaranteed survivor and coverage. Keep in mind that there can be small variations in terminology from one insurance company to the next. For example, one company may refer to Survivor Life insurance as Second-to-Die insurance. They are basically the same thing, but have different names. You don’t have to choose a life insurance company or coverage option on your own either. Help is available! Nearly everyone has questions on this topic. It is your right to make sure you get your answers before obtaining a policy.
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