Sentences with phrase «accelerated death benefit payment»

Critical Illness Payment: Any accelerated death benefit payment a policy owner receives will be less than the amount of the death benefit that is accelerated — because the benefit is paid prior to the insured's death.

The accelerated death benefit payment is payable in the event of a qualifying terminal illness.

It is, at this time, unknown whether these accelerated death benefit payments will be taxable or not.

Not exact matches

1 Accessing cash values, through loans and partial surrenders or by accelerating benefits for long term care benefit payments, will reduce the death benefit payable, the cash surrender value and the long term care coverage available.

The payment of the accelerated death benefit reduces the stated face amount and stated cash value.

Specifically, these 1099s report income from the acquisition or abandonment of secured property, cancelled debt, distributions from a medical savings account, long - term care and accelerated death benefits, original issue discount, taxable distributions from cooperatives, and certain government and qualified state tuition program payments.

The right of a judgment debtor to accelerate payment of part or all of the death benefit or special surrender value under a life insurance policy, as authorized by paragraph one of subsection (a) of one thousand one hundred thirteen of the insurance law [* see below], or to enter into a viatical settlement pursuant to the provisions of article seventy - eight of the insurance law, is exempt from application to the satisfaction of a money judgment.

The term «proceeds and avails», in reference to policies of life insurance, includes death benefits, accelerated payments of the death benefit or accelerated payment of a special surrender value, cash surrender and loan values, premiums waived, and dividends, whether used in reduction of premiums or in whatever manner used or applied, except where the debtor has, after issuance of the policy, elected to receive the dividends in cash.

If a policy of insurance has been or shall be effected by any person on his own life or upon the life of another person, the policyowner shall be entitled to any accelerated payments of the death benefit or accelerated payment of a special surrender value permitted under such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the policyowner.

It's important to note that the insurance company will place restrictions regarding the health conditions that qualify for payment under an accelerated death benefit.

All approved claims will receive a payment guaranteed to be 40 % of the death benefit amount accelerated (for example, 40 % of $ 50,000 = $ 20,000), less any amounts needed for debt repayments — regardless of the type of specified medical condition event, policy age, gender or severity of illness.

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.

The Accelerated Living Benefit Rider provides for a single lump sum payment of an accelerated life insurance benefit using a portion of your life insurance certificate's deaAccelerated Living Benefit Rider provides for a single lump sum payment of an accelerated life insurance benefit using a portion of your life insurance certificate's death bBenefit Rider provides for a single lump sum payment of an accelerated life insurance benefit using a portion of your life insurance certificate's deaaccelerated life insurance benefit using a portion of your life insurance certificate's death bbenefit using a portion of your life insurance certificate's death benefitbenefit.

The actual payment will be a discounted value of the accelerated death benefit minus administrative fees.

And as your pay down on your home loan accelerates since you are applying more of your payment to principal, your death benefit pay out also decreases at an accelerated rate to match.

Effect on policy: After payment of an accelerated death benefit, the policy face amount will be reduced proportionally to the amount you chose to accelerate.

Accelerated Access Solution: if the insured suffers from a qualifying chronic illness, this life insurance rider will provide monthly payments until the death benefit has been exhausted.

As an alternative, most life insurance policies can include an accelerated death benefit rider that allows for tax - free payments to cover medical care in certain «critical» circumstances.

With an accelerated benefit, you receive a payment from your life insurance company and, if accelerating only part of your death benefit, some percentage may be left for your beneficiary.

For example, a rider that accelerates the payment of a life insurance death benefit should increase the life settlement price of the life insurance policy in the secondary market.

A payer, such as an insurance company or a viatical settlement provider, must issue this form for payments made under a long - term care insurance contract or for accelerated death benefits.

Oftentimes the accelerated death benefit is automatically included on certain types of life insurance policies for free or for just a small amount of additional premium payment.

Use Form 8853 to report Archer Medical Savings Account (MSA) contributions (including employer contributions), figure an Archer MSA deduction, report distributions from Archer MSAs or Medicare Advantage MSAs, report taxable payments from long - term care (LTC) insurance contracts, or report taxable accelerated death benefits from a life insurance policy.

Supplemental riders available with the term life insurance policy include: waiver of premium rider — premium payments may be waived if insured becomes totally disabled; children's level term insurance rider — Provides term coverage for children; and the accelerated benefit rider — You can receive a portion of the death benefit if you develop a terminal illness.

Please note that the insurance company will place restrictions regarding the health conditions that qualify for payment under an accelerated death benefit.

Accelerated Death Benefit (Included) Beginning in policy year 3, the rider provides for an advance payment of up to 50 % of the death benefit if the insured is diagnosed by a physician to have a life expectancy of 12 months or Death Benefit (Included) Beginning in policy year 3, the rider provides for an advance payment of up to 50 % of the death benefit if the insured is diagnosed by a physician to have a life expectancy of 12 months oBenefit (Included) Beginning in policy year 3, the rider provides for an advance payment of up to 50 % of the death benefit if the insured is diagnosed by a physician to have a life expectancy of 12 months or death benefit if the insured is diagnosed by a physician to have a life expectancy of 12 months obenefit if the insured is diagnosed by a physician to have a life expectancy of 12 months or less.

Platinum boasts multiple new features at no additional cost, including a return of premium rider, guaranteeing the policy's cash surrender value will never be less than the premium payment; accelerated benefit riders for chronic illness, critical illness, and terminal illness; and a charitable giving rider, a unique feature that provides an additional death benefit of 1 percent of the policy face amount to the applicant's charity of choice.

The specifics of any accelerated death benefit will vary from carrier to carrier, however the benefit that one receives by being able to receive a partial payment on their life insurance policy prior to passing away does not!

In this case, the payment of Death Benefit will be accelerated and the policy will terminate.

Additional Riders: Long Term Care, Disability Payment of Specified Premium, Accelerated Death Benefit, Change of Life Insured

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Provides an option to accelerate a portion of the available death benefit and receive a payment (s) if the insured is diagnosed with a covered illness, which may include critical, chronic, and terminal illnesses.

Accelerated Death Benefit - Provides an option to accelerate a portion of the eligible death benefit and receive a payment if the insured is diagnosed with a covered illness, which may include critical, chronic, and terminal illnesses (physician documentation is requiDeath Benefit - Provides an option to accelerate a portion of the eligible death benefit and receive a payment if the insured is diagnosed with a covered illness, which may include critical, chronic, and terminal illnesses (physician documentation is reqBenefit - Provides an option to accelerate a portion of the eligible death benefit and receive a payment if the insured is diagnosed with a covered illness, which may include critical, chronic, and terminal illnesses (physician documentation is requideath benefit and receive a payment if the insured is diagnosed with a covered illness, which may include critical, chronic, and terminal illnesses (physician documentation is reqbenefit and receive a payment if the insured is diagnosed with a covered illness, which may include critical, chronic, and terminal illnesses (physician documentation is required).

As the name suggests, the total benefit under the life insurance remains same but the payment is accelerated i.e. the policy holder gets the benefit before death.

Similar to the Accelerated Death Benefit, the insured would receive a lump - sum payment that is determined by the insurer and listed in the terms and conditions of the policy.

An accelerated death benefit generally allows between 25 % and 95 % of the policy's face value to be paid out early, and may be collected as either a lump sum payment or increments to provide income and cover medical costs.

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For Standard Life Provisions, the company offers Salary - based Benefit Schedules; Dependent Coverage; Waiver of Premium (in case employees become disabled and so that they can continue life insurance without any premium payments), Accelerated Death Benefits (for employees with a life expectancy of 12 months), Portability (for those who want to leave their employment), Conversion (for employees to convert term life insurance to a new policy), and Bereavement Counseling (for counseling services).

My question is whether or not an accelerated death benefit is considered «income» to be deducted by long term disability payments.