Sentences with phrase «beneficiaries after the death of the insured»

Not exact matches

Provides payment to a beneficiary that can be the basis of financial stability and security after the death of the insured.

Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

Level benefit means once the policy has been issued, the insured's beneficiaries are eligible for the full face value immediately after death of the insured occurs with no reduction in the face amount otherwise known as the death benefit.

(If however, the insured remains alive for at least two more years, the beneficiary will receive the full amount of the death benefit after that).

You would have to wait through probate before receiving the portion of her assets from her will, so it won't be as clean as a normal beneficiary designation where the beneficiary has access to the funds very shortly after the death of the insured.

Recurring payout option also allows the beneficiary to receive a lump sum benefit instead of regular monthly or yearly payouts anytime after the death of the life insured.

The life insurance beneficiary, designated by the insured, gains control of the death benefit after the insured dies.

This specifically states a defined period of time that the primary beneficiary must outlive the insured to receive the death benefits and is usually a period of 10 to 30 days after the death of the insured.

This is crucial, because when policyholders intend, but never actually got around to requesting a beneficiary change to take a former spouse off of the policy, that creates legal wiggle room for the former spouse to make a claim on the policy and start an unwanted legal dispute after the death of the insured.

After death, a regularly scheduled death benefit payment will be paid out to all allocated beneficiaries of the insured.

Within 24 hours after receiving notice of an insured's death, an emergency death benefit of the lesser of 50 % of the coverage amount or $ 15,000 will be mailed to the insured's beneficiary, unless the death is within the two - year contestability period and / or under investigation.

Also, I have never heard of any lawsuit that has ever overturned a beneficiary designation after the death of an insured who was in a healthy frame of mind at the time of designation.

[x] The amount received by the beneficiary, from an annuity or insurance policy, after the death of the insured individual.

Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

If, however, the senior insured dies after owning the policy for longer than two years, and then the beneficiary would be able to receive the full amount of the death benefit that is stated in the policy.

Should the insured live past the first few years of policy ownership and pass away after that, the beneficiary would be able to receive the full amount of the death benefit — even on a plan that contains the graded death benefit option.

After the two - year Graded Death Benefit period, if the insured dies for any reason, the full face amount of the policy shall be paid to the beneficiary.

In the 3rd option, if the insured is less than 45 years, then after his death, 10 times of the annual premium or 7 times the annual premium (if the insured is above 45 years) to the nominee / beneficiary.

However, after a certain amount of time has passed, such as two or three years of policy ownership, the beneficiary would be eligible to receive all of the stated death benefit upon the insured's passing.

If the insured dies just one week after the policy expired, there would be no death benefit for the beneficiary and thus a loss of over $ 8,000 on the transaction.

The death benefit of a whole life insurance policy can be received tax free by the beneficiaries, and for this reason whole life insurance is used for estate planning purposes as well as providing income for beneficiaries after the insured passes away.

Survivorship life insurance is a type of permanent life insurance that insures two people, usually a married couple, and pays the death benefit to beneficiaries only after the second person passes.

Insurance money from a single premium policy is paid to the insured right after the maturity of the policy or to the beneficiary as a death benefit without having to make any more payments on the policy prior to these events.

The beneficiary of a life insurance policy is the person or persons named to receive all or a part of the proceeds (death benefit) from the insurance policy after the insured person has died.

The key benefits of securing a permanent life insurance policy is that it ensures life insurance protection for the entire life of the insured, and it also provides a death benefit to the beneficiary regardless of the age of the policy.Permanent life insurance will provide financial security for your family / dependent / other beneficiary during your lifetime and after your death.