Whether it’s in a bank or at a booth in the mall, some insurance agents tend to use industry-specific jargon when selling their products that can sometimes sound intimidating. It creates confusion and decreases the chances of availing a policy—no one is confident enough to buy a product they don’t fully understand, after all.
Life insurance is an essential investment to secure you and your loved ones’ future. However, unless you’re already set on getting one, insurance advisors don’t usually have the opportunity or time to explain every term they throw out.
If you want to do a bit of self-study before committing, you came to the right place. You should understand what a policy entails before signing on the dotted line. Picking the right life insurance product is crucial, and you want to do thorough research before sealing the deal.
With that, here are terms you should know to ensure you and your advisor are on the same page.