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Life Insurance 101: Learn About Some Common Terms and Definitions from Health IQ

If you’re starting the search for a quality life insurance policy, get familiar with some common terms and definitions. Even if you’re a seasoned insurance pro, reviewing some basic terminology can help make sure you understand your current agreement. This step is essential to securing an affordable, beneficial policy, and you may discover something that you can use to get a lower rate or find a better deal. With its dedication to helping health-conscious people save money on life insurance, Health IQ is one place to start.

Do you know the difference between term and whole life insurance? Term life insurance covers a set period, whereas whole life insurance covers a person’s life. Although the latter option may seem like a better bargain, it may not be the best deal. Whole life insurance is often more expensive, as the insurance company is guaranteed to eventually make a payout. If you already have life insurance, you can discuss what’s known as a “conversion” — a switch from term to whole life insurance.

You could fill up a small dictionary with enough life insurance terminology. Keep researching and learning the essentials needed to be a wise consumer. If you’re interested in learning more or you decide you want to test your knowledge of life insurance, take a quiz on some terms and terminology. You can then put this education to work for you as you continue your research or sit down with an agent to discuss what type of policy is best for you.

About Health IQ

Health IQ’s mission is to improve the health of the world by celebrating the health conscious through financial rewards. Health IQ delivers better rates and underwriting, and was recently featured in sites such as CNBC, Venturebeat, and TechCrunch.  and partners with top-rated insurance carriers such as SBLI, Ameritas Life Insurance Corp. and Assurity Life Insurance Company, and reinsurer partner Swiss Re to offer health conscious people between 4 and 33 percent lower rates on life insurance. Founded in 2013 by a team of health conscious entrepreneurs, the company is a licensed life insurance company in all 50 states and has helped tens of thousands of individuals secure a total of $5.3 billion in insurance coverage.

 

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Snipon is owned and run by a small team who love to find deals on a dime along with the best sweepstakes and giveaways out there. We’re always scrolling the internet for the latest offers to share them with our community. Sign up for our weekly newsletter so you don’t miss another freebie!
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