Beneficiary details meaning

What does insured mean?

Noun. insuree (plural insurees) The person or entity protected by or receiving insurance provided by the insurer .

Insured is the person who is covered against risk. On the other hand, the insurer is the company that is providing coverage . It is a service that an insurer provides under a particular insurance policy against a premium paid by the policyholder.

Insured is a generic term that refers to any person or entity legally entitled to receive the benefits of an insurance policy, typically claim payments . Insurers make payments to insureds after they experience a covered loss, damage, or an injury that qualifies for payment under the policy's terms.

In many cases, the answer is yes . Whether you're married, domestic partners or simply sharing a life with someone you love, taking out a pair of affordable term life insurance policies can provide both financial security and peace of mind.

Is it worth having two life insurance?

While there are advantages to joint life insurance, you might prefer to get two individual policies . That way, if you split up, you won't need to get new cover, and in the unhappy event you both die, your beneficiaries will get two pay-outs.