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.
