Sentences with phrase «die life insurance insures»

Second to Die Life Insurance insures two people and pays benefits only after the second person dies.

Not exact matches

Term life insurance provides affordable coverage for a defined period of years, with its primary purpose to replace income or help pay off outstanding debts if the insured dies during that time.

When you purchase term life insurance, you agree to pay recurring premiums in return for the commitment by the insurance company to pay a death benefit if the insured happens to die during the term that the insurance policy is in effect.

If a corporation owns life insurance and the insured dies, then the death proceeds become part of the general assets of the corporation and the value of the stock owned by each surviving shareholder will be increased by an amount proportionate to his or her interest.

The trust owns the life insurance policy and collects the death proceeds when the insured dies.

Term life insurance provides financial protection to your beneficiaries (your loved ones) should the insured (you) die prematurely.

If the insured dies within this term (10, 15, 20, 25, 30, or 35 years), the life insurance company pays a lump sum death benefit to the policy's beneficiaries.

Life insurance companies use classifications to determine how risky you are for them to insure — what are the chances that you'll die over the course of your policy?

• Life insurance claims are filed when an insured person dies so his or her beneficiary receives the death benefit payout.

Life insurance companies pay a death benefit (sometimes in the millions) to the beneficiaries of an insured if they die.

Simply put, second to die or survivorship life insurance differs from all the other types of life insurance because it insures the lives of two people AND only pays a death benefit upon the death of the last survivor.

When you purchase term life insurance, you agree to pay recurring premiums in return for the commitment by the insurance company to pay a death benefit if the insured happens to die during the term that the insurance policy is in effect.

Term life insurance policies pay a death benefit if the insured person dies within the policy term, such as 10, 20, or 30 years.

Also, life insurance only pays out if the person insured dies.

With a life insurance policy, if the insured person dies, the life insurance company will pay out a death benefit to the beneficiaries.

Second - to - die life insurance is often more affordable than traditional single - insured life insurance with the same dollar amount in benefits.

This voluntary protection product, available from CMFG Life Insurance Company through CEFCU, reduces or pays off your insured loan balance up to the policy maximum should you die before the loan is repaid.

These second - to - die life insurance policies will pay out the proceeds following the second of two insureds to pass away.

The benefit of a hybrid second - to - die long term care life insurance policy is both insureds can qualify for the long - term care.

While having the lowest out - of - pocket outlay of any type of individual life insurance policy, in order to reap a benefit from the policy, the insured must die while the policy is in force.

Second - To - Die Life Insurance: A type of life insurance policy that insures the lives of two people, typically a husband and wLife Insurance: A type of life insurance policy that insures the lives of two people, typically a husband Insurance: A type of life insurance policy that insures the lives of two people, typically a husband and wlife insurance policy that insures the lives of two people, typically a husband insurance policy that insures the lives of two people, typically a husband and wife.

Suicide Clause: A life insurance policy provision that states if the insured dies by suicide within a certain period of time from the date of issue (usually two years) the amount payable would be limited to the total premiums paid minus any policy loans or outstanding premiums.

The top 10 best life insurance policies are true «life» insurance, since the first beneficiary of the policy is you — the insured — during your life, and not only after you have died.

If the insured dies during the «contestability» period of the contract, usually the first two years of the contract's life, payment may be delayed as the insurance company checks the application to make sure there were no inaccuracies, whether intentional or inadvertent.

The trust owns the life insurance policy and collects the death proceeds when the insured dies.

This type of life insurance policy allows those with disposable cash to pay a lump sum into a life policy for a death benefit that will be paid up until the insured dies.

Another use of joint last - to - die life insurance is when employing the insured annuity strategy.

Life insurance benefits are typically paid when the insured person dies and the beneficiary files a claim with the insurance company and provides a certified copy of the death certificate.

Just like with other types of permanent life insurance policies, cash can be withdrawn or borrowed from the policy, however, an unpaid balance will be charged against the death benefit should the insured die prior to the money being repaid.

When the insured individuals die, the life insurance company pays the trust the death benefit.

If the insured individual dies within that specific period of time, the life insurance carrier pays a death benefit to the insured's beneficiaries.

First, the fact that they are both permanent life insurance products means that they are intended to last until the insured dies.

The money that is used to purchase the contract is placed into an escrowed trust account — typically an irrevocable trust — and that money makes premium payments to keep the life insurance policy in force until the insured dies.

The most common reason for purchasing life insurance is to provide financial assistance to the family members when the insured dies.

The amount of money paid or due to be paid when a person insured under a life insurance policy dies, after adjustments for any outstanding policy loans, dividends, paid - up additions or late premium payments (if applicable) are made.

The main objective of life insurance is to provide financial funds in case an insured person dies so that their family members, significant others or any other beneficiaries can maintain their living standards.

An optional add - on life insurance benefit that allows the insured to receive partial payment of the policy's face amount before dying in the case of terminal illness or injury.

Permanent life insurance usually has no fixed time limit; as long as the premiums are paid, the benefit will be paid no matter when the insured dies.

When the transaction is complete, the buyer — or life settlement provider — becomes the new owner of the life insurance policy, pays future premiums and collects the death benefit when the insured dies.

This rider offers an accidental death benefit that is equal to the policy's face amount — and pays out in addition to the whole life insurance benefit if the insured dies as the result of a covered accident.

Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy.

It's important to understand — If the insured passes away, and the primary beneficiary dies, and there is no contingent beneficiary — The proceeds of the life insurance policy pass on to your estate, and may be subject to additional taxes and fees that otherwise would not been taken from the proceeds.

One of these is the fact many guaranteed acceptance life insurance policies will not pay out the full amount of the death benefit if the insured dies within the first two years of owning the policy.

They are often less expensive than permanent types of life insurance, yet, like many permanent policies, they still may offer cash surrender values if the insured doesn't die.

In the event the insured dies and the policy lapsed within three years from the date of commencement (start) of the life insurance policy, then the insurance company is not liable to settle such claims.

Suicide Clause: A life insurance policy provision that states if the insured dies by suicide within a certain period of time from the date of issue (usually two years) the amount payable would be limited to the total premiums paid minus any policy loans or outstanding premiums.

A viatical settlement occurs when a person who is chronically or terminally ill sells his or her whole or universal life insurance policy to a third party that maintains the premium payments and receives the death benefit when the insured dies.

A permanent life insurance policy remains in place until the insured individual dies, if the policy is still in good standing.

This type of life insurance allows the insured person to tailor the life insurance to suit their needs and lifestyle, it is a permanent type of insurance and death benefits are paid out if the insured person dies.

Life insurance is purchased for many reasons, including providing a family death benefits if the insured dies, paying funeral expenses, providing enough funds to pay estate taxes and other reasons.