As an insurance policy holder, it’s important to make sure that you understand your rights and responsibilities to take full control over your insurance protection coverage and investments.
But before that, you must first understand the basic life insurance roles. If you own an insurance contract or policy, you are a policy holder or a policy owner. As a policy holder, you may also be the person covered by the policy – referred to as the insured. You may also own a policy and name another person as the insured. The beneficiary, on the other hand, is the person who collects the insurance money when the insured person dies.
As an informed policy holder, you should always know your rights regarding your insurance protection coverage and claims. This will help you make proper decisions and strategies surround your life protection benefits and investment strategies.