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Beneficiaries and nominees
Parties on a policy
Policyholder / Planholder /
Proposer
He is the owner of policy. In most cases it would be the life insured
himself, but it could also be another person taking out the policy
on the life of the life insured.
Life insured
The person on whose life the risk benefits are taken out. There
can be more than one life insured on one policy.
Beneficiary
Will receive the death benefits after the death of the life insured.
There can be multiple beneficiaries on one policy.
Nominee for ownership
Will become the new owner of the policy in the event of the
policyholder’s death. There can only be one nominee on a policy.
Benefits
Stand-Alone and Accelerator
An accelerator benefit is only available if there is life cover on the policy as well, because the
accelerator benefit is actually linked to the life cover. When the accelerator benefit is paid out, the
death benefit is reduced accordingly – in other words, an accelerated payment of the death benefit.
A stand-alone benefit can be taken out even if there is no life cover on the policy – in other words it
can be taken out on its own. When a stand-alone benefit is paid out, it will not affect the life cover
on the policy.