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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