Insurance Glossary

B

Beneficiary

The person or people you choose to receive the life insurance payout when you pass away.

F

Funeral Cover

A type of life insurance designed to pay for funeral and burial costs when the insured person passes away.

P

Premium Waiver

A policy feature where the insurer continues your cover without requiring premium payments if you become disabled or unable to work.

T

Term Life Insurance

A type of life insurance that provides cover for a fixed period (for example 10, 20, or 30 years). If you pass away during the term, the policy pays out.

W

Waiting Period

A period at the start of a policy during which certain claims (such as natural death) may not be paid out.

Whole Life Insurance

A life insurance policy that provides cover for your entire lifetime and may include a savings or investment component.