Who is insured person

Insured Persons means the person s described in the Schedule. Insured Persons means all persons who were, now are or shall become:.

Insured Persons means one or more natural persons who were, now are, or shall hereafter be duly elected or appointed directors , trustees , officers , employees , committee members or volunteers of the Insured Organization , or, with respect to a Subsidiary operating outside the United States , their functional equivalent , regardless of title.

It also means one or more natural persons who were, now are, or shall hereafter be duly elected or appointed directors, trustees, officers, employees, committee members or volunteers of any Property Manager , but only if. Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.

Many different types of life insurance are available to meet all sorts of needs and preferences. Depending on the short- or long-term needs of the person to be insured, the major choice of whether to select temporary or permanent life insurance is important to consider.

Term life insurance lasts a certain number of years, then ends. You choose the term when you take out the policy. Common terms are 10, 20, or 30 years. The best term life insurance policies balance affordability with long-term financial strength.

Burial or final expense insurance is a type of permanent life insurance that has a small death benefit. Despite the names, beneficiaries can use the death benefit as they wish. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Learn more about how we review products and read our advertiser disclosure for how we make money.

And see our complete list of the best companies for different types of policies. Term life insurance differs from permanent life insurance in several ways but tends to best meet the needs of most people. Term life insurance only lasts for a set period of time and pays a death benefit should the policyholder die before the term has expired.

Permanent life insurance stays in effect as long as the policyholder pays the premium. Another key difference involves premiums—term life is generally much less expensive compared to permanent life because it does not involve building a cash value. For example, if you are the primary caretaker and have children who are 2 and 4 years old, you would want enough insurance to cover your custodial responsibilities until your children are grown up and able to support themselves.

You might research the cost to hire a nanny and a housekeeper or to use commercial child care and a cleaning service, then perhaps add some money for education.

Include any outstanding mortgage and retirement needs for your spouse in your life insurance calculation. Especially if the spouse earns significantly less or is a stay at home parent. Many factors can affect the cost of life insurance premiums. Certain things may be beyond your control, but other criteria can be managed to potentially bring down the cost before applying.

Think about what expenses would need to be covered in the event of your death. Things like mortgage, college tuition, and other debts, not to mention funeral expenses.

Plus, income replacement is a major factor if your spouse or loved ones need cash flow and are not able to provide it on their own. There are helpful tools online to calculate the lump sum that can satisfy any potential expenses that would need to be covered. Life insurance applications generally require personal and family medical history along with beneficiary information. You will also likely need to submit to a medical exam and will need to disclose any preexisting medical conditions, history of moving violations, or DUIs, as well as any dangerous hobbies such as auto racing or skydiving.

When you've assembled all of your necessary information, you can gather multiple quotes from different providers based on your research. Prices can differ markedly from company to company, so it's important to go to the effort to find the best combination of policy, company rating, and premium cost. Because life insurance is something you will likely pay on a monthly basis for decades, it can save an enormous amount of money to find the best policy to fit your needs.

There are many benefits to having life insurance. Below are some of the most important features and protections offered by life insurance policies. However, for wealthy individuals, the tax advantages of life insurance, including the tax-deferred growth of cash value, tax-free dividends, and tax-free death benefits, can provide additional strategic opportunities.

Avoiding Taxes — the death benefit of a life insurance policy is usually tax-free. Wealthy individuals sometimes buy permanent life insurance within a trust to help pay the estate taxes that will be due upon their death. This strategy helps to preserve the value of the estate for their heirs.

Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured policyholder. Here are some examples of people who may need life insurance:.

Research policy options and company reviews —because life insurance policies are a major expense and commitment, it's critical to do proper due diligence to make sure the company you choose has a solid track record and financial strength, given that your heirs may not receive any death benefit for many decades into the future. Investopedia has evaluated scores of companies that offer all different types of insurance and rated the best in numerous categories.

Life insurance can be a prudent financial tool to hedge your bets and provide protection for your loved ones in case of death should you die while the policy is in force. However, there are situations in which it makes less sense —such as buying too much or insuring those whose income doesn't need to be replaced. So, it's important to consider the following:.

What expenses couldn't be met if you died? If your spouse has a strong income and you don't have any children, maybe it's not warranted. However, if both spouses' income is necessary to maintain a desired lifestyle or meet financial commitments, then both spouses may need separate life insurance coverage.

If you're buying a policy on another family member's life, it's important to ask—what are you trying to insure? Children and seniors really don't have any meaningful income to replace, but burial expenses may need to be covered in the event of their death. Doing so allows that parent to insure that their child can financially protect their future family. Forgot your password? Retrieve it. If by any chance you spot an inappropriate image within your search results please use this form to let us know, and we'll take care of it shortly.

Term » Definition. Word in Definition. Princeton's WordNet 2. Matched Categories Person. How to pronounce insured person? Alex US English. David US English. Mark US English. Daniel British. Sample 3. Insured Person means the person named in the Policy Schedule , who has a permanent place of residence in India and for whom the insurance is proposed and appropriate premium paid.

Insured Person means any:. Examples of Insured Person in a sentence Coverage will continue during the grace period unless We notify the Insured Person at the billing address listed in Our records at least 30 days prior to any premium due date that We do not intend to renew this Policy, or the Insured Person notify Us that the Insured Person intends for coverage to terminate. Insured Person means any person shown by name, classification or meeting the criteria specified for an Insured Person in the Policy Schedule for the insurance cover selected by the Insured and with respect to who the premium has been paid.