Ordinary Life Insurance (Noun)
Meaning
Insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured.
Classification
Nouns denoting possession and transfer of possession.
Examples
- Regular premium ordinary life insurance policies provide a guaranteed payout to beneficiaries upon the death of the policyholder.
- This type of plan can help policyholders plan their financial future as the ordinary life insurance premiums remain constant.
- Family members use ordinary life insurance payouts to cover any outstanding mortgage, loans, or funeral expenses after the insured person has passed.
- It's essential to research and compare the terms of ordinary life insurance offered by different insurance providers to choose the best option.
- Ordinary life insurance is often chosen over other types of insurance as it offers fixed premiums for the entire policymaking period.