Reagan Funerals

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Policyholder / Insured / Beneficiary / Premium Payer

What is my role in the policy?

Policyholder - The main member of the policy. They accept full responsibility for the policy. All communications on the policy will be directed to the policyholder. No changes may be made on the policy without consent, or informing the policyholder of any changes.

Insured – The policyholder can elect other family members (their spouse, children and extended family members) to be covered on his policy. These will be Insured members, and will not be able to make any changes on the policy, without the policyholder’s consent.

Beneficiary - A nominated person or institution selected by the policyholder to whom the benefit (claim) may be paid to. This will vary from a spouse, family member, directly to the deceased estate, or to the funeral parlour to enable them to do the burial. The Beneficiary is nominated by the policyholder on the policy documents signed by the policyholder.

Premium Payer – Usually this is the policyholder. On some occasions, policies might be taken out by a different family member, who then is responsible for the payment of premium. Many people take out policies for their parents or siblings who cannot afford cover.