Sentences with phrase «upon purchasing your life insurance policy»

Upon purchasing your life insurance policy, you will need to decide who will be your beneficiary, or beneficiaries, if you choose more than one individual.

Not exact matches

One way would be to purchase a permanent life insurance policy which would be given to the employee upon retirement, after a certain number of years with the company, or based upon a certain level of performance.

Life insurance classified as return of premium (ROP) features a return of premiums paid to purchase coverage if the insured outlives the term of the policy, or payment of some portion of premiums paid to the beneficiary upon the insured's death.

With this product the business buys a life insurance policy, equal to the agreed upon purchase price, on the life of each of the partners with the other partner listed as beneficiary.

John and Margaret each purchased a $ 25,000 whole life final expense life insurance policy to pay for their funeral expenses and 12 months of their mortgage payments upon their death.

Or alternatively, if he is a healthy non smoker, he could purchase a guaranteed universal life insurance policy with a $ 350,000 death benefit for as little as $ 3,708 per year, which would generate an tax free, cash benefit of $ 350,000 upon his death.

Accidental Death & Dismemberment plans are similar to a life insurance policy, in that you would name a beneficiary upon purchasing your travel insurance.

One way would be to purchase a permanent life insurance policy which would be given to the employee upon retirement, after a certain number of years with the company, or based upon a certain level of performance.

By purchasing life insurance, you gain the assurance that your insurer will pay a death benefit to your named beneficiaries upon your death (as long as your policy is still in force at that time).

You should also be aware that if the cost of life insurance as a senior is prohibitive, you can potentially save thousands per year by purchasing a second - to - die policy, which only pays a death benefit upon the second death.

In the event an owner dies, the company receives the proceeds of the life insurance policy and uses the proceeds to purchase the deceased owner's business interest at a previously agreed upon price.

Those who may be hit with estate taxes upon death may also consider purchasing a life insurance policy for the purpose of paying the amount due.

The two main reasons you might not want to change policies are surrender charges (only in permanent plans such as whole life or universal life), and your new policy will likely contain a new two year contestable period, which means the company could potentially weasel out of paying the life insurance proceeds upon your death if you die within 2 years of purchasing the policy and they find that you answered questions fraudulently on your application.

When purchasing your policy you will select a beneficiary or beneficiaries who will receive the proceeds (death benefit) from your life insurance upon your passing.

Guaranteed Insurability Rider DEFINITION: an optional rider attached to permanent life insurance policies that allows the owner to elect to purchase additional life insurance death benefit coverage periodically at certain attained ages, or alternatively, upon certain special occasions such as marriage and the birth of a child.

Instead of purchasing a standard life insurance policy that pays out a death benefit to your beneficiaries upon your death, you can invest in an ILIT.

Also, if you are young and single, but have financial obligations - perhaps you are a co-signer on a mortgage or have a relative who depends upon your support - purchasing a life insurance policy is a wise decision..

Upon purchase of the house or at any point thereafter you buy your mortgage life insurance policy.

Life insurance death benefits are usually paid out in a lump sum, agreed upon when the policy is purchased.

This is why they the created the graded death benefit which basically states that as long as you are alive 2 to 3 years (depending upon which insurance company you choose) after initially purchasing your life insurance policy, you will be covered for both accidental and natural causes of death.

In order to keep their living spaces protected when they lock up and head out upon their daily activities, local tenants purchase Rockaway Peninsula renters insurance policies that offer comprehensive coverage.