Sentences with phrase «allows life insurance policy owners»

Named after Section 1035 of the Internal Revenue Code, a 1035 exchange allows life insurance policy owners (and annuity contract owners) to exchange an old policy (or contract) for a new one from a different insurance company without tax consequences.

After this 30 day period is over, the insurance company will still allow a life insurance policy owner to reinstate a policy, but the insured person must make some legally binding statements about their health.

Not exact matches

Cash value life insurance, whether whole life, IUL, or VUL, allows for the tax - free growth of funds in a policy's cash account unless the policy is canceled or surrendered, transferred or assigned to another owner, or the IRS no longer designates the policy a life insurance contract.

The policy is convertible term life insurance, which allows the owner of the policy to convert all or a portion of the coverage to whole life insurance coverage before the term policy expires or age 65.

The Additional Life Insurance Rider (ALIR) allows the owner of the policy to make increased premium payments in order to purchase additional participating paid up life insurance, increasing the policy's death benefit and cash value groLife Insurance Rider (ALIR) allows the owner of the policy to make increased premium payments in order to purchase additional participating paid up life insurance, increasing the policy's death benefit and cash valuInsurance Rider (ALIR) allows the owner of the policy to make increased premium payments in order to purchase additional participating paid up life insurance, increasing the policy's death benefit and cash value grolife insurance, increasing the policy's death benefit and cash valuinsurance, increasing the policy's death benefit and cash value growth.

Paid Up Additions Rider DEFINITION: A rider that allows the owner of the policy to make additional contributions to the life insurance policy, resulting in the addition of paid up life insurance.

Like other types of cash value life insurance policies which allow policy loans, most annuity contracts allow owners to borrow against the annuity contract's accumulated cash value.

A rider that allows the owner of the policy to make additional contributions to the life insurance policy, resulting in the addition of paid up life insurance.

For example, universal life and variable universal life insurance policies allow policy owners to adjust premiums and death benefits to suit their financial needs.

Life insurance is an asset that allows the owner of the policy to do some pretty spectacular things.

Most term life insurance policies will allow the owner of the policy to renew until age 95.

However, term life insurance generally comes with a conversion option which allows the owner to convert the policy into permanent insurance with no proof of insurability.

Loan Cash value life insurance allows the policy owner to take a loan against the policy's cash value.

Adjustable Life Insurance: A form of life insurance which allows the policy owner to change various benefits of the policy including the face amount, the premium amount, the length of coverage and the length of the premium payment perLife Insurance: A form of life insurance which allows the policy owner to change various benefits of the policy including the face amount, the premium amount, the length of coverage and the length of the premium paymenInsurance: A form of life insurance which allows the policy owner to change various benefits of the policy including the face amount, the premium amount, the length of coverage and the length of the premium payment perlife insurance which allows the policy owner to change various benefits of the policy including the face amount, the premium amount, the length of coverage and the length of the premium paymeninsurance which allows the policy owner to change various benefits of the policy including the face amount, the premium amount, the length of coverage and the length of the premium payment period.

And, although these returns may not have sounded like much several years ago, the cash value in whole life insurance policies allowed policy owners to weather the storm of the recent market downturn.

Most term life insurance allows the policy owner to renew until age 95.

Avoid Modified Endowment Status: If the subsequent premiums paid into the new policy, other than the exchange proceeds, are within the new 7 - pay limit, then a 1035 Exchange of a life insurance policy allows the policy owner to place the original contract's entire value in the new policy without creating a modified endowment contract, or MEC.

A common benefit option on life insurance policies wherein the policy owner allows the dividends from policy to be used for the purposes of accumulating cash values.

Many life insurance policies will allow business owners or employees to access your insurance benefits before your death if you become chronically ill or terminally ill.

Unlike term life insurance policies, which do not build a cash value and always have a level death benefit, permanent life insurance policies allow the owner to select a level or increasing death benefit (sometimes called option 1 or option 2).

A benefit included or added to a life insurance policy with a rider that allows the policy owner the right to receive a portion of the death benefit as defined in the policy if the insured becomes terminally ill and furnishes proof.

The owner is also the person who can make changes to the policy and take cash out of the policy (if it is permanent life insurance that allows that feature).

Accelerated Benefit Rider A life insurance policy benefit that allows the insured or policy owner The right to receive a percentage of the insurance policy death benefit in advance if the insured is diagnosed with a terminal illness and not expected to live for a period of at least 12 months.

Insurance standards: The life insurance structure allows owners to sell insurance - dedicated funds within the policy as often as they like and replace them with other qualified investments, without tax consInsurance standards: The life insurance structure allows owners to sell insurance - dedicated funds within the policy as often as they like and replace them with other qualified investments, without tax consinsurance structure allows owners to sell insurance - dedicated funds within the policy as often as they like and replace them with other qualified investments, without tax consinsurance - dedicated funds within the policy as often as they like and replace them with other qualified investments, without tax consequences.

A conversion option is typically included and allows the owner of the term policy to covert all or a portion of the term into permanent coverage, such as universal life insurance, without proof of insurability — that means no health questions or medical exam.

A conversion option is a life insurance rider that allows the owner to convert all or a portion of the term coverage into a permanent life insurance policy.

Variable universal life insurance allows the owner to invest the policy accumulation value into variable accounts.

Single Premium Payment Whole Life allows the owner to make a single payment in return for a paid up life insurance polLife allows the owner to make a single payment in return for a paid up life insurance pollife insurance policy.

A life insurance policy benefit that allows the insured or policy owner The right to receive a percentage of the insurance policy death benefit in advance if the insured is diagnosed with a terminal illness and not expected to live for a period of at least 12 months.

This coverage allows the policy owner to purchase additional amounts of insurance on the life of the insured person without evidence of insurability up to a maximum of 5 times.

In addition, the amount that the policy owner is allowed to borrow may actually be based on the value of the cash account, as well as the terms that are outlined in the life insurance contract.

While policy owners are allowed to withdraw funds from the cash value component of a permanent life insurance policy — subject to the amount of the available funds that are in the account — a withdrawal that exceeds the amount of cumulative premiums that have been deposited can be taxed.

A term life insurance conversion allows the policy owner to convert their term life insurance into a permanent policy with NO evidence of insurability.

Participating life insurance is a permanent coverage which allows policy owners to earn dividends and accumulate cash value on a tax - preferred basis.

Most 10 year term life insurance policies are also convertible, allowing the policy owner to convert to permanent life insurance, without a medical exam.

An accelerated long - term care benefit rider is the most common and allows the policy owner to draw down the existing life insurance death benefit.

Because of this, life insurance companies will only allow policy owners to take out life insurance policies on people in whom the policy owner has an insurable interest.

Return of premium term life insurance allows the owner of the policy to recoup all premiums paid upon the end of the term.

Guaranteed Insurability Rider DEFINITION: an optional rider attached to permanent life insurance policies that allows the owner to elect to purchase additional life insurance death benefit coverage periodically at certain attained ages, or alternatively, upon certain special occasions such as marriage and the birth of a child.

Since whole life insurance will be with you until that inevitable day it will cost you more than other common types of life insurance.Whole life allows the owner to borrow against the cash in the policy.

Most term life insurance policies include a conversion option rider allowing the owner to convert to a permanent policy with no proof of insurability, i.e. no health screening.

Whole life insurance policies also allow owners to chose where to direct dividend payments.

Cash value life insurance, whether whole life, IUL, or VUL, allows for the tax - free growth of funds in a policy's cash account unless the policy is canceled or surrendered, transferred or assigned to another owner, or the IRS no longer designates the policy a life insurance contract.

A conversion provision allows the owner of the term life policy to convert from the term life insurance policy to a permanent life insurance policy during a specified period of time without having to show that the insured is in good health.

A guaranteed insurability rider, also called a GI rider, is a life insurance rider which allows the owner of a life insurance policy to buy additional life insurance with no underwriting.

There is also a Conversion endorsement included on all Express term policies that allow policy owners to change their term life insurance plan to a level face amount permanent life insurance policy through Transamerica with no underwriting required, provided that the death benefit is the same or lower.

The Additional Life Insurance Rider (ALIR) allows the owner of the policy to make increased premium payments in order to purchase additional participating paid up life insurance, increasing the policy's death benefit and cash value groLife Insurance Rider (ALIR) allows the owner of the policy to make increased premium payments in order to purchase additional participating paid up life insurance, increasing the policy's death benefit and cash valuInsurance Rider (ALIR) allows the owner of the policy to make increased premium payments in order to purchase additional participating paid up life insurance, increasing the policy's death benefit and cash value grolife insurance, increasing the policy's death benefit and cash valuinsurance, increasing the policy's death benefit and cash value growth.

Life insurance is an asset that allows the owner of the policy to do some pretty spectacular things.

Term Life Insurance Conversion — A conversion is a privilege with many term life policies which allows the owner to convert his / her term life insurance to a whole life insurance policy without the insured person undergoing any health underwritLife Insurance Conversion — A conversion is a privilege with many term life policies which allows the owner to convert his / her term life insurance to a whole life insurance policy without the insured person undergoing any health undeInsurance Conversion — A conversion is a privilege with many term life policies which allows the owner to convert his / her term life insurance to a whole life insurance policy without the insured person undergoing any health underwritlife policies which allows the owner to convert his / her term life insurance to a whole life insurance policy without the insured person undergoing any health underwritlife insurance to a whole life insurance policy without the insured person undergoing any health undeinsurance to a whole life insurance policy without the insured person undergoing any health underwritlife insurance policy without the insured person undergoing any health undeinsurance policy without the insured person undergoing any health underwriting.

A rider that allows the owner of the policy to make additional contributions to the life insurance policy, resulting in the addition of paid up life insurance.