Sentences with phrase «during the life of the policy there»

During the life of the policy there may options at interval periods in the policy when you can change your term insurance policy to a permanent insurance policy.

Not exact matches

The only caveat is during what's called the contestability period; that usually only takes place at the beginning of the policy, but there's a certain scenario when it can kick in a second time (or third, etc.) during the life of the policy.

There isn't enough information for me to know why the insurance was purchased on the child, but hopefully it was to protect the child's interests later in life rather than a «benefit» to the owner / beneficiary of the policy if the child dies during their formative years.

A: During the first 2 years of every life insurance policy there is a contractual clause known as the contestability period.

There are different ways of finding affordable life insurance, and knowing what goes into the cost before you get life insurance quotes allows you to make the best decisions during the application process and find a policy that fits your budget.

The only caveat is during what's called the contestability period; that usually only takes place at the beginning of the policy, but there's a certain scenario when it can kick in a second time (or third, etc.) during the life of the policy.

In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee After completing five policy years, if it is surrendered, then there is no Surrender / Discontinuance Charges and the Fund Value is paid to the policyholder and the policy will terminate immediately.

Death Benefit Options: There are four classifications for death benefit options under universal life insurance policies and these are as follow: a. Level death benefit: This only covers the amount accumulated during the length of the policy.

Yes, a term life insurance with no medical exam may ask less of you during the application process than a traditional policy, but there are some important facts to consider.

Universal Life and Variable Universal Life policies may allow 30 - 60 days for additional funding premiums to be paid if there is insufficient cash value to sustain the policy during the monthly calculation of expense charges and policy credits.

During the first 2 years of every life insurance policy there is a contractual clause known as the «contestability period».

Permanent life insurance guarantees that no matter when you pass away or what life changes may have occurred during the time that you own your life insurance policy, there will be some degree of financial security provided to your children, spouse, or any other dependents.

In the case of smokers, it is rarely worth using whole life insurance as an investment unless there is a personal financial need which can only be satisfied with a whole life insurance policy such as a during trust planning or estate planning.

If a policy owner has no intention of withdrawing the cash value during the insured persons lifetime, there are no consequences of the life insurance contracts qualification as a modified endowment contract.

While there are situations where whole life or another more complex type of policy could fit your financial plan, most families would be better off with a simple term life insurance policy that provides income replacement during their working years.

Although I still do not feel it right to deprive beneficiaries of their life insurance proceeds so that an insured can get his or her hands on the proceeds of policies during their lifetime through settlements with investors, after much study and deep thought I can only conclude that there are situations where this is, not only justified, but is absolutely necessary.

If a carrier finds that there was misrepresentation during the life insurance underwriting process (usually application or paramed exam) within the first two years of the policy, the carrier can contest the insurance contract and potentially not pay the death benefits.

Life insurance provides coverage on a specific person's life, and if that person passes away during the time the policy in In Force, there is a payout on the coverage, subject to all of the terms and conditions stated in the insurance contrLife insurance provides coverage on a specific person's life, and if that person passes away during the time the policy in In Force, there is a payout on the coverage, subject to all of the terms and conditions stated in the insurance contrlife, and if that person passes away during the time the policy in In Force, there is a payout on the coverage, subject to all of the terms and conditions stated in the insurance contract.

During what would be an extremely difficult time emotionally, a term life policy could help alleviate some of the financial hardship your family might face if you were no longer there to help provide for them.

However there is no deviation from the basic principle of whole life policy wherein no amount is paid on maturity, only when any eventuality arises during the policy period, the entire sum assured amount is payable by the Insurance Company to the nominee of the deceased person.

Under this rider, if there is an accident before completing 65 years of age, or during the contract period, whichever is earlier, an additional amount equivalent to the basic sum assured (max Rs. 50 lakhs under all policies issued by SUD Life is payable

In case of the unfortunate event of the death of the life insured during the policy term, there are 2 death benefit options for the payout which are:

Term plans may not offer such flexibility in changing the policy specifications during the policy term, but there are other types of life insurance plans like unit linked insurance plans (ULIPs) which offer flexibilities like increase / decrease of the policy sum assured, change in premium, etc..

There is also a cash value life insurance policy, which gives ample benefits during the maturity of the policy.