Glossary

Beneficiary
A person of the life assured’s choosing who will receive a personal insurance’s benefit, usually from life insurance. In other types of personal insurance, the beneficiary is also the life assured. However, if the life assured is under 16, their beneficiary will likely be their parents or caregiver.

Life Assured
The person that is covered by the personal insurance.

Lump-sum
Often a large amount of money paid in a single payment

Plan A
Our daily mindset of planning our next move in life. This ranges from the simplest task such as thinking about what we will have for lunch or dinner, to the bigger things such as planning to buy a new house or car.

Plan B
A mindset that focuses on the worst-case scenario and plans ahead to lighten its effects. A great example of this is protecting your family and yourself with personal insurance!

Premium
An amount of money to be paid for an insurance policy either in a weekly, fortnightly or monthly basis.