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When common folks take into consideration life insurance coverage, they image one thing you purchase that pays off while you die. Though the payout is commonly referred to as the “loss of life profit,” the typical particular person may query what the profit is in case you are not round to benefit from the proceeds.
The insurance coverage trade has its personal terminology. This enables fellow professionals to grasp what a product does however may be complicated to potential shoppers who don’t perceive trade jargon.
The common particular person may solely affiliate insurance coverage with “life insurance coverage” with out realizing that there are lots of different features of life wherein insurance coverage can ship peace of thoughts.
See the accompanying slideshow for 5 insurance coverage phrases that advisors may also help shoppers perceive.
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