Understanding Third-Party Life Insurance: What You Need to Know

Lifeqoute24 Jun, 2024Other

Discover the basics of third-party life insurance, a unique type of policy where the insured, policyholder, and beneficiary are three different individuals. This arrangement can be particularly useful in business contexts or for estate planning. In this guide, we'll break down how third-party life insurance works, the roles of each party involved, and scenarios where this insurance type might be beneficial. By the end, you'll have a clear understanding of whether third-party life insurance could be the right choice for your needs.