Could you explain the Beneficiary on my life insurance policy?
Q) Could you explain the Beneficiary on the policy?
A) The Beneficiary is the person designated to get the proceeds from a life insurance policy. The beneficiary is designated by the owner of the policy which is usually the payer. The owner of the policy would pay a premium on a regular basis such as monthly or as a one lump sum payment. The Insured is the individual with the life insurance coverage. The Insurer (life insurance company) provides the life insurance coverage on the insured for a premium.
The promise of the contract by the life insurance company is to pay a designated beneficiary a sum of money or benefits in exchange for a premium, upon the death of the insured person. Depending on the type of policy, a terminal illness or critical illness policy can trigger benefit payment by the insurer.
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