Sentences with phrase «whole life contracts run»

Whole Life contracts run for the whole of the policyholder's life and accumulate a monetary value which is paid out when the contract matures or is surrendered.

Not exact matches

215 ILCS 5/143.1: Period of limitation tolled Whenever any policy or contract for insurance (except life, accident and health, fidelity and surety, and ocean marine policies) contains a limitation period in which the insured may bring suit, the running of the period is tolled from the date proof of loss is filed, in the form required by the policy, until the date the claim is denied in whole or in part.

Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy never runs out.