Sentences with phrase «actual death benefit of a policy»

Not exact matches

If you were to die during the first few years of the policy, most life insurance companies will generally issue a refund of your premiums to your beneficiaries in lieu of the actual death benefit.

In many ways, indexed universal life insurance works in a similar fashion as most other types of coverage in that the policy holder pays their premium, and the net premium is then applied to the actual life insurance death benefit.

In general, the cash value in a permanent policy is designed to grow, and this growth reduces the net amount at risk in a policy, which keeps the mortality cost at reasonable levels even though the actual cost per $ 1,000 of death benefit is growing every year.

If you were to die during the first few years of the policy, most life insurance companies will generally issue a refund of your premiums to your beneficiaries in lieu of the actual death benefit.

In this hypothetical example, if the claim is approved, XYZ Life may allow for up to a maximum of 50 % of the policy death benefit or a maximum of $ 300,000 in actual benefits (whichever is lower).

The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount.

This is the portion of your policy premium that will determine how large your death benefit will be, as well as what the actual cash value of the policy is.

Additionally, you may elect to purchase the policy so that a level death benefit is purchased and the cash value accumulates «on top of» or in addition to the death benefit or you may choose to purchase a level death benefit in which the cash value acts as a reserve against the death benefit (thus lowering the actual cost you pay for the death benefit over time).

As the cash value builds up in the policy, the actual amount of death benefit you are purchasing decreases.

People who have a terminal illness with a life insurance policy can get some of their death benefits before their actual death.

In case of death of life insured due to actual or attempted suicide within 12 months No benefit is payable, except to the extent of a maximum of 90 % of single premium paid excluding any extra premium (in case of single premium policies).

The plan is eligible for the bonuses declared by the company.A simple Reversionary Bonus which is declared at the end of each financial year and is payable either on death or on maturity, whichever event happens first.The plan offers minimum 3 % guaranteed reversionary bonus.A Terminal Bonus may be added to a policy which depends on the actual future experience it is not a guaranteed benefit.