Sentences with phrase «age of insured increases»

With universal life, the cost of insurance is based on annual renewable term insurance rates that increase annually as the age of the insured increases.

Not exact matches

Lycopene's positive antioxidant effect can benefit bone health, preventing osteoporosis and therefore reducing the risk of fractures, which insures increased mobility and independence as we age.

Also, the amount of the premium can not be increased — even as the insured ages, and if they contract an adverse health issue.

Converting a term policy over into a permanent form of coverage can allow an insured to obtain life insurance protection for life — regardless of future age increases and the possibility of contracting an adverse health condition.

Whether the value of a level death benefit policy is better than that of an increasing death benefit policy mostly depends on the age of the insured.

Yearly Renewable Term (YRT): A type of term life insurance policy that provides a level death benefit with premiums that increase each year with the insured's age.

This is the case, regardless of an insured's increasing age, as well as if you obtain an adverse health issue.

As the insured ages, the risk of the carrier increases.

In addition, the premium that is charged for many types of burial insurance coverage will be locked in and guaranteed not to increase — even as the insured ages, and / or regardless of whether they attain a serious health issue in the future.

This is the case, regardless of the insured's increasing age over time, and regardless of whether the insured contracts 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.

It is usually meant to be temporary, covering the insured for a fixed amount of time, with premiums that often increase as the insured ages.

The likelihood of death for that average member increases with age — and so the cost of insuring a member of that group increases, too.

A lump sum amount is paid on death of the insured and thereafter an increasing monthly payout is paid for 5 years or till age 60 years whichever is later.

Also, the amount of the premium will be locked in for the life of the policy — so, there is no need to worry about increasing rates in the future, even as the insured ages, or if they contract an adverse health condition.

Whole life premiums are much higher than term insurance premiums, but because term insurance premiums rise with increasing age of the insured, the cumulative value of all premiums paid under whole and term policies are roughly equal if the policy continues to average life expectancy.

While anyone can get life insurance, the cost increases dramatically based on the age, health and habits of the insured.

If the permanent policy is a whole life insurance plan, the premium amount will be guaranteed never to go up — regardless of the insured's increasing age, as well as if the insured attains an adverse health condition in the future.

In addition, the amount of the premium payment is typically guaranteed — regardless of the increasing age of the insured, and / or whether the insured contracts any type of adverse health condition in the future.

With a whole life insurance policy, the coverage is intended to remain in force for the remainder of the insured's entire lifetime — provided that the premium is paid — regardless of the insured's increasing age, and whether they contract an adverse health condition.

Also, the amount of the premium can not be increased — even as the insured ages, and if they contract an adverse health issue.

Usually, a term to age 70 life insurance policy will have level premiums each year for the first 20 years of coverage, then the premiums gradually increases each year thereafter, until the insured is 70 years old.

At the end of each one year period, the policy can be maintained but the premiums will increase to reflect the new age of the insured.

But as the insured ages, cost of insurance also increases.

The premium is also guaranteed never to increase, regardless of the insured's age and / or health condition going forward.

This type of coverage is guaranteed in terms of the death benefit amount, regardless of the insured's increasing age, and whether or not the insured contracts a health issue — and, the cash value will grow at a set interest rate that is set by the insurance company.

A whole life insurance policy will provide a set, guaranteed amount of coverage, as well as a premium amount that is locked in and guaranteed never to increase — even as the insured ages, and even if the insured contracts a health issue (or an additional health issue) in the future.

This is the case, regardless of the insured's increasing age, and even if the insured contracts an adverse health condition in the future.

But, as the insured ages, in this type of life insurance policy, the premiums will not increase.

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.

Whole life insurance provides a set amount of death benefit protection, as well as a premium that will not increase over time — even as the insured ages, or if they contract an adverse health issue.

Cost of insurance - the cost of insurance for VULs is generally based on term rates and as the insured ages, the risk of mortality increases, increasing the cost of insurance.

The amount of the coverage on these plans is guaranteed never to go down — even in light of the insured's increasing age and / or if they contract an adverse health issue.

Typically, once an insured has been approved for coverage, the amount of the death benefit protection is locked in, as is the premium amount — which means that the premium that is charged will not go up, even as the insured's age increases, and if he or she contracts an adverse health condition.

An insurer can not increase a renewal rate for personal automobile insurance policies based solely on an insured person reaching the age of 75 or older

The advantages of level premium are: — As mortality risk increases with the age of the insured the actual premium chargeable at higher age is much more than that chargeable when a person is young.

Most term policies require level premium payments for the duration of the policy, though there are some policies which charge increasing premiums which rise as the insured person ages.

The cost per $ 1,000 of benefit increases as the insured person ages, and it obviously gets very high when the insured lives to 80 and beyond.

This means that once a policy has been purchased, the amount of the premium paid will typically remain the same throughout the entire life of the plan — regardless of the increasing age, or any change in health of the insured.

For example — If the life insured aged 35 gets a plan of monthly income of Rs. 50,000 under increasing income protection and passes away at age 41.

The amount of premium on whole life insurance protection is typically locked in for the life of the policy and guaranteed not to increase, even as the insured ages and regardless of if he or she contracts an adverse health condition in the future.

In the latter years of the policy, when the cost of insurance has increased because of the age of the insured, funds from the accumulation account are added to the periodic premium to make up the shortfall and keep the policy in force.

Using permanent life insurance will also help to ensure that the insured will not need to re-qualify for coverage and that they remain protected — regardless of their increasing age over time, and regardless of whether they contract an adverse health condition.

Therefore, this makes it extremely easy to budget for, knowing that the policy's premium will not go up — regardless of the insured's increasing age, and regardless of whether he or she contracts an adverse health condition.

It increases with the age of the insured

For instance, they must know how premium changes based on different sum assured and according to age of the insured individual holding a LIC single premium policy, and what is sample premium for every increase of say Rs. 1000 in Sum Assured for different LIC single premium policy periods, and so on.

While increase is allowed if the insured is below 50 years of age, decrease in Sum Assured is allowed at any age.

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.

Over time, the cost of insurance as will increase as the insured ages, however, if sufficient, the accumulated cash value will cover the increases in the COI.

Under premier mode, for single pay, it is lower of Rs 6000 or 850 increasing @ 3 % p.a and for other pay options, it is lower of Rs 6000 or 2.20 % of premium increasing @ 3 % p.a.. Under online mode, for single pay, it is lower of Rs 6000 or 850 increasing @ 3 % p.a and for other pay options, it is lower of Rs 6000 or 5.50 % of premium increasing @ 3 % p.a. Mortality Charges: Mortality charge is based on the option applicable, attained age of the life insured, rate and applicable Sum at Risk.