Difference between Life Insured and Policyholder

Taara355

This discussion will explore the differences between life insured and policyholder. We will discuss the responsibilities and rights of each, as well as the potential risks and rewards. We will also look at how life insurance works, and what the differences between term and whole life insurance are. Finally, we will discuss how to choose the right life insurance policy for you and your family.

Arundhati565

The difference between life insured and policyholder can be understood as follows:

Life Insured: The life insured is the person and/or entity on whom the life insurance contract is written and protects. That individual and/or entity may or may not be the same person as the policyholder.
Policyholder: The policyholder is the individual or entity that owns the life insurance policy and, as the policy owner, is responsible for maintaining the policy and making payments, such as premiums. The life insured and the policyholder may be the same, but don’t have to be.

For example, if you own a life insurance policy on your spouse, you would be the policyholder and your spouse would be the life insured. Here's more detailed information about the differences between life insured and policyholders: https://www.policygenius.com/learn/what-is-the-difference-between-a-policyholder-and-a-life-insured/.