Life Insurance

Does the insured need to know about a life insurance policy?


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Wiki User
2011-09-04 20:44:33
2011-09-04 20:44:33

You cannot purchase insurance on someone without their knowledge and participation. The insured has to answer the underwriting questions in person and sign the application in the presence of the insurance agent. The insured does not have to be the policy owner or payer. The owner is the only person that can make changes to the policy including changing beneficiary, address, payment method, etc.


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Yes, if the insured is also the policy owner.

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The Insured of the policy is obviously the Principal in a life insurance contract.

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The new owner of a life insurance policy if the original owner dies before the insured.

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The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.

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The Insured can change the beneficiary on a life insurance contract.

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