Who is proposer and who is life insured in health or life insurance?
When we fill the form to purchase insurance we see two normal names proposer and life assured. These two are confounding terms.
Proposer and life assured need not be a similar individual.
Prosper (Otherwise Called Policy Owner)
Purchases the policy and pays the premium. Insured – Person whose life is being insured.
On the off chance that this individual dies, it triggers the death advantage payout.
The insured might possibly be an indistinguishable individual from the policy owner.
The proposer is the individual buys the policy and pays the premium.
Life insured is a man whose life is being insured.
Assume I am purchasing health insurance for my parents then I will be proposer and life assured are my parents.
As I am proposer in the policy I will get tax benefits. My parents will be life insured whose life is being insured.
Also read: Life Insurance Quote
Is proposer same as insured?
Insured is the person whom the insurance is covered. The proposer is the person who proposes the insurance on the insured name. In the case of self-insurance (taking the policy on your name), insured and proposer
Also read: Life Insurance For Children