If so, there are some terms you should learn about before making that purchase.
For instance, do you know what a beneficiary is, or how it works?
What about lapse of policy?
These are some very important terms to know when it comes to life insurance.
For example, you should learn about the following life insurance terms first:
Application, beneficiary, claim, owner, policy term, permanent, premium, payment options, renewable, conversion privilege, lapse, payment, insurance company, insured, coverage amount, death benefit, rider, exclusions, and more.
Here is a glossary of life insurance terms to help you learn more and get acquainted with some very important terms you should know before buying your life insurance policy.