Sentences with phrase «away during the coverage period»
The longer the length of coverage, the more expensive the annual premium generally is because the risk of the insured person passing away during the coverage period increases with time.
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If you pass away during the period of coverage, your beneficiaries would receive the entire face value of the policy.
In addition, there's a two - year waiting period after you purchase coverage during which, if you pass away for any reason besides an accident, the full death benefit would not be paid.
This is important because the cost of a life insurance policy is correlated to the number of years it lasts, since you're more likely to pass away during the period of coverage.
A beneficiary designation form is a legal document and will be used by the insurer to determine who will receive the death benefit if you pass away during the period of coverage (as well as how much they will receive).
Your beneficiaries are the people or entities that would receive the payout, or death benefit, if you pass away during the period of coverage.
This means that until the waiting period has ended, if the policy holder passes away during this time the benefits will only be whatever premiums have been collected or a fraction of the benefit coverage.
If you pass away during the period of coverage, your beneficiaries would receive the entire face value of the policy.
In addition, there's a two - year waiting period after you purchase coverage during which, if you pass away for any reason besides an accident, the full death benefit would not be paid.
Even if something like this happens when you're able to enroll in coverage right away (during open enrollment or during a special enrollment period), your coverage wouldn't take effect right away.
A beneficiary designation form is a legal document and will be used by the insurer to determine who will receive the death benefit if you pass away during the period of coverage (as well as how much they will receive).
The above example means you have life insurance coverage for a period of 10 years, each year you pay $ 300 and if you pass away during the 10 year term, your beneficiary receives the $ 20,000 death benefit free from federal income taxes.