Sentences with phrase «amount of death benefit proceeds»

So, if beneficiaries are counting on a certain amount of death benefit proceeds, it may be essential to repay any cash value that is borrowed or withdrawn from the policy.

It is important to note here, though, that even though a life insurance policy loan is not required to be repaid, if the insured dies while there is still a balance outstanding, the amount of this balance — plus interest — will be subtracted from the total amount of death benefit proceeds that are paid out to the beneficiary.

In this case, the principal would be the initial amount of death benefit proceeds that the income is based on).

This is different from a decreasing term policy where the amount of the death benefit proceeds will become less over time.

With a universal life insurance policy, the insured is protected with a guaranteed amount of death benefit proceeds.

In doing so, the policy holder may change — within certain stated limits — the amount of death benefit proceeds.

Paying back these loans is optional; however, any portion of the loan that is not repaid at the time of the insured's death will decrease the amount of death benefit proceeds that are paid out to the beneficiary.

Paying back these loans is optional; however, any portion of the loan that is not repaid at the time of the insured's death will decrease the amount of death benefit proceeds that are paid out to the beneficiary.

In addition, should the policy holder pass away while there is still an unpaid loan balance, this amount will be deducted from the total amount of death benefit proceeds that are received by the policy's beneficiary.

Not exact matches

So you can «live» with guaranteed withdrawals for lifetime income and still have the potential to «give» a legacy through death benefit proceeds equal to the amount of premium you invested, subject to the benefit guidelines.

So you can «live» with guaranteed withdrawals for lifetime income and still have the potential to «give» a legacy through death benefit proceeds equal to the amount of premium you invested, subject to the benefit guidelines.

Because the death benefit amount of your cash value life insurance policy may change over time as its cash value grows, make sure to specify a percentage of the proceeds to go to your beneficiaries rather than selecting a dollar amount.

As with the graded death benefits option, once two years have elapsed, the beneficiary would be able to receive 100 percent of the amount of the stated death benefits proceeds.

Proceeds In life insurance or annuities, the net amount of death benefit payable by the company at the insured's death.

However, it is important to note that any amount of the balance that is not repaid will be charged against the death benefit proceeds that are ultimately paid out to the beneficiary upon death.

Such policy articulates the person who will obtain the proceeds, which is the amount of the death benefit, from the insurance business company whenever the designated person insured dies within the term of the insurance contract policy.

Because life insurance death benefits that are paid to charities are not subject to taxation, the charity will be able to obtain the full face amount of the proceeds.

However, if the insured were to pass away while there is still a cash balance due; the amount of unpaid cash will be subtracted from the death benefit proceeds that are paid out to the policy's beneficiary.

The annuity would provide lifetime (or a certain yearly amount) of future payments, but would have no value at death while the life policy would immediately create a sizable death benefit providing tax - free proceeds to children or a spouse at passing.

Generally, as long as the policyholder is expected to die within 12 months of the date of the payment of the living death benefit, and that benefit is discounted only by an amount that is consistent with a life expectancy no greater than one year in duration, the beneficiary (s) is not taxed on the life insurance proceeds.

One option is a single premium insurance policy allowing the policyholder to deposit one lump sum, and then receive a specified amount of long - term care coverage if so needed, or to have their beneficiaries receive death benefit proceeds if the long - term care coverage is not used.

The minimum amount of death benefit on this policy is $ 100,000, and proceeds may be applied for up to $ 65 million.

Here, the amount of the income payments will be based on the amount of the policy's death benefit proceeds, as well as the life expectancy of the income recipient who is anticipated to live for a longer period of time.

As the name implies, if you choose a specific income policy settlement option, you will receive an equal dollar amount of income each year until all of the proceeds from the policy's death benefit have been paid out.

If you do decide to allocate your death benefit to several individuals, we recommend you designate a percentage of the life insurance proceeds to each individual rather than a specific amount.

But, if you own your own policy, while the proceeds are not taxable as income to your beneficiaries, the amount of the death benefit is added to your estate.

It is, however, important to note that if there is an unpaid balance at the time of the insured's death, the amount that is not repaid will be charged against the death benefit proceeds that are paid out to the beneficiary (or beneficiaries).

Because the death benefit amount of your cash value life insurance policy may change over time as its cash value grows, make sure to specify a percentage of the proceeds to go to your beneficiaries rather than selecting a dollar amount.

Even though the amount of the death benefit is tied to the mortgage on the home, the beneficiaries of the policy are not required to use the proceeds to pay off the mortgage.

A settlement option for life insurance where the death benefit is paid in a series of fixed amount installments until the proceeds and interest earned is terminated.

In some cases, the amount could even be up to 100 % of the death benefit proceeds.

For example, on a death benefit of $ 100,000, if your beneficiary chooses to take the death benefit in the form of monthly installments of $ 1,000 over a 10 year period instead of a lump sum, the amount above the $ 100,000 life insurance proceeds will be taxed.

The nominee has an option to utilize the death benefit either to Utilize the entire proceeds of the policy / part thereof for purchasing an immediate annuity or withdraw the entire amount of the policy.

In addition, because you are donating the death benefit to the charity, the amount of these proceeds will not be counted in the total value of your estate when calculating it for estate tax purposes.

However, if the policy has been owned for several years before the insured passes away, the named beneficiary (or beneficiaries) will receive the full amount of the policy's death benefit proceeds.

The minimum death benefit will be at least 105 % of the total premiums paid including top - ups premiums.The nominee has an option to take this amount as annuity from the company or to withdraw the proceeds.

The nominee has the option to withdraw the death benefit proceeds, Utilize this benefit to purchase an immediate annuity plan, or withdraw a part of the death benefit amount and utilize the remaining amount to purchase an immediate annuity plan.

The nominee can utilize the Death Benefit by utilizing the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity or to withdraw the entire proceeds of the policy or to utilize the amount of the policy or part thereof for buying a Single Premium Pension Plan.

With the unfortunate demise of the life insured before the vesting date, the death benefit payable to the nominee is the higher of the Fund Value or 105 % of the total premiums paid till date.The nominee has the option to take this amount as annuity from us or to withdraw the proceeds.

As per available information, this plan provides 10 times of single premium amount as Sum assured on death (as death benefit), so maturity proceeds (Normal sum assured + LA) are tax - free.