5 Simple Explanations for Insurance Terms

When average people think about life insurance, they picture something you buy that pays off when you die. Although the payout is often called the "death benefit," the average person might question what the benefit is if you are no longer around to enjoy the proceeds. The insurance industry has its own terminology. This allows fellow professionals to understand what a product does but can be confusing to potential clients who do not understand industry jargon. The average person might only associate insurance with "life insurance" without realizing that there are many other aspects of life in which insurance can deliver peace of mind. See the accompanying slideshow for five insurance terms that advisors can help clients understand.