Sentences with phrase «advancing age of the insured»

where (unlike in a term life insurance) the premium amount remains constant despite the advancing age of the insured.

Not exact matches

To get a mortgage insured, you may need to go outside some of those requirements, such as being accepted for coverage at an advanced age.

Because this coverage is whole life, once an individual has been approved, the amount of coverage can not go down, and the premium can not be raised — even as the insured advances in age, or if they contract an adverse health condition.

Premiums will increase gradually throughout the term as the insured advances through predetermined age bands of five years each, the lowest being 30 - 34 and the highest being 70 - 74.

Sum Insured Enhancement: Any change in benefits or premium (other than due to change in age) will be done with the approval of the IRDA and will be intimated at least 3 months in advance at the time of renewal.

But when the insured is of advancing age, and of course when the insured dies, they will suddenly tighten up their standards for timely payments.

Such a clause is a basic feature on most policies because of the risk involved to insurance companies who insure applicants of advanced age and / or infirmed health.

As its name implies, permanent life insurance is designed to protect an insured for the remainder of his or her life — and, in most cases, the premium will not increase due to advancing age, or even if the individual contracts an adverse health condition, once they are insured.

A permanent life insurance policy can also be advantageous because, as long as the premium is paid, the policy can not be cancelled — regardless of the insured's advancing age, and regardless of whether the insured contracts any adverse health issue.

The reason for the increase in premium each year is because as the term life insurance policy is extended, the age of the insured goes up, and ultimately, death rates increase with advancing age.