|The Policy holder||The person who applies for the policy and goes into agreement with the insurance company. He or she could deal with the company on all policy-related issues including information updates, policy cancellation and upgrade etc. And a policyholder must be 18 years old or above.|
|The Insured Person||The person who is protected by the policy. A policyholder could be or not the policy insured.|
|Beneficiary||The person who gets the benefit/ compensation from the insurance company when the policy insured fulfills the conditions for claims.The term usually appears in Term Life insurance. In a policy, there could be more than one beneficiary, and different percentages could be allocated for compensation.|
🔍 Case Study
- You (aged 46) apply for medical insurance for yourself, then you are the policyholder and policy insured at the same time.
You (aged 46) apply for medical insurance for your baby (aged 3), then you are the policyholder while your baby is the policy insured.
- You (aged 46) applied for term life insurance for yourself. In the policy, if you died, the benefit/ compensation would go to your brother, Simon (aged 43). Then you are the policyholder and policy insured while Simon is the Beneficiary.
- You (aged 46) applied for term life insurance for yourself. You have allocated 30% of the benefit to your brother, Simon and 70% to your baby, Louis. In this case, You are the policyholder and policy insured while Simon and Louis are both the beneficiary, receiving the benefit with the allocated ratio.