Sentences with phrase «after death of the insured»

Provides payment to a beneficiary that can be the basis of financial stability and security after the death of the insured.

As perhaps one of the most popular types of permanent life insurance, whole life, also known as ordinary life insurance, is a policy that provides lifelong coverage and will only come to an end after the death of the insured.

Whole - Life Plan — insurance company collects premium from the insured till the retirement or the term of the policy and pays the claims to the nominees only after the death of the insured person.

This helps the family to survive better after the death of insured.

Level benefit means once the policy has been issued, the insured's beneficiaries are eligible for the full face value immediately after death of the insured occurs with no reduction in the face amount otherwise known as the death benefit.

However — the gift tax is not paid until after the death of the insured.

You would have to wait through probate before receiving the portion of her assets from her will, so it won't be as clean as a normal beneficiary designation where the beneficiary has access to the funds very shortly after the death of the insured.

After death of the insured, the remaining fund is paid to the nominee.

This specifically states a defined period of time that the primary beneficiary must outlive the insured to receive the death benefits and is usually a period of 10 to 30 days after the death of the insured.

Moreover, a regular monthly income is also paid for 5 years or 60 months after the death of the insured

Furthermore, future premiums are waived off after the death of the insured but the plan continues to run.

The policyholder may also avail of the Education Support Benefit under which the death benefit can be availed as money - backs in the last 5 years of the policy after the death of the insured.

This is crucial, because when policyholders intend, but never actually got around to requesting a beneficiary change to take a former spouse off of the policy, that creates legal wiggle room for the former spouse to make a claim on the policy and start an unwanted legal dispute after the death of the insured.

Example 4: Paid to all the children born of the marriage of the Insured and Audie Yose, including children born after the death of the insured in equal shares.

Also, I have never heard of any lawsuit that has ever overturned a beneficiary designation after the death of an insured who was in a healthy frame of mind at the time of designation.

[x] The amount received by the beneficiary, from an annuity or insurance policy, after the death of the insured individual.

Term plans are investments which ask for scheduled payments for a specific agreed upon time known as premiums and the benefits as per the terms and conditions of the term plan, benefits are provided to the family after the death of the insured.

Because the life insurance company uses a combination of the policy cash value (while alive) or the policy death benefit (after death of the insured) to provide collateral and «guaranteed» repayment of the loan.

This is a dual death benefit plan under which a complete sum assured is paid in the first option and in the second option after death of the insured, the insurance company pays 50 % of the total sum assured immediately to the nominee of the insured and the remaining amount is paid monthly as a regular income at 3 %.

The payout at the time of maturity is made, because the policy continues after the death of the insured person.

As perhaps one of the most popular types of permanent life insurance, whole life, also known as ordinary life insurance, is a policy that provides lifelong coverage and will only come to an end after the death of the insured.

Term insurance plans are devised to make sure that the family of the insured has a financial independence even after the death of the insured.

Risk coverage is for the entire duration of life and the sum assured is paid after the death of the insured Limited Payment Whole Life Insurance: where premiums are paid for a limited and shorter period of time as chosen by the insured or after his death, whichever happens earlier.

If monthly income option is selected, 1 % of the Sum Assured is paid every month for 130 months after death of the insured.

After this term if death occurs, then the balance 50 % sum assured is paid to the nominee after death of the insured.

These plans pay the death benefit partly in lump sum and partly in monthly or annual incomes or completely in monthly or annual incomes for a specified tenure after the death of the insured.

The purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured.

Term Plans are the plans for risk coverage, and the nominee is financially indemnified after the death of the insured during the policy term.

Vikas, Term insurance amount received by nominee after death of insured is tax free as per section 10 (10D) of the income tax act

This payment is over and above lump sum payment on diagnosis of the illness and is paid to the nominee even after the death of insured person.

This is a scheme where the assured amount with accrued bonus is payable to the assignee, nominee or the legal heir after death of the insured.

Not exact matches

Claims are paid after death: You need to understand that claims from life insurance policy can only be made upon the death of the insured.

Option for benefits to continue even after the death of the life insured (when premium waiver rider is opted)

Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

The face amount of coverage can go up to $ 20,000, and the full death benefit will be paid out after the insured has had the policy for a period of at least three years.

Moreover, all the outstanding premiums after the death date of the Life Insured are funded by the Insurer.

This type of policy insures the lives of two people, typically a married couple, and pays a death benefit after the death of the last - surviving covered person.

Keep in mind that after the death of the first insured party, the survivor typically must continue paying the insurance premiums.

The case arose after a Nationwide - insured driver caused an accident that resulted in the death of Stacey Camacho.

(b) in the case of the death of the person insured, if a declaration of presumption of death is necessary, the notice or proof is given or furnished no later than one year after the date a court makes the declaration.

The legislatively established bright line rule roughly captured the results of those disputes, with much less litigation cost, while giving insureds more confidence that they would not be cheated of their premiums when they died due to reasons trumped up after the death by the insurance company.

Depending on the issuer of the policy, the accidental death benefit may extend up to a year after the initial accident occurred, so long as the accident led to the insured's death.

In the event that the Insured dies after a written request for an accelerated death benefit is submitted but before payment is made and we receive written notice at our home office of this death, the request for an accelerated death benefit will be considered void and no benefit will be paid under the rider.

A graded death benefit means the death benefit pays out the full face amount after two years or in the event the insured dies of an accidental death.

(If however, the insured remains alive for at least two more years, the beneficiary will receive the full amount of the death benefit after that).

And, up to $ 1,000 of the policy's death benefit can be made immediately available after the insured's passing while waiting for the remainder of the proceeds to be paid out.

Endowment can also refer to a type of insurance policy that pays a lump sum upon the insured's death or after a specific term.

As long as the premiums are paid, a guaranteed death benefit is paid after the death of the second insured person, even up to age 120.

The death benefit would be paid by the insurance company if the insured died during the one - year term, while no benefit is paid if the insured dies one day after the last day of the one - year term.

Typically, an insured motorist in the Great Lakes State may only be sued after a collision if the accident resulted in death, serious injury, or permanent disfigurement; if it involved an out - of - state motorist; or if it took place out of state.