BENEFICIARY OF A PERMANENT POLICY in a sentence

When making a charity the beneficiary of a permanent policy, the donor retains ownership of the permanent policy and, therefore, has continued access to the policy's cash value.

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With term and permanent life insurance, you make premium payments so that in the event of your passing, your loved ones and beneficiaries will receive the death benefit proceeds from the policy.

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The main difference between term life and permanent insurance is that term insurance only pays death benefits to your beneficiaries, while permanent life insurance pays out death benefits and accumulates cash value which will continue to build up over the life of the policy.

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Permanent coverage essentially means that whether you die 5 years from now or fifty, the net death benefit of your policy will be paid to your beneficiary.

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Permanent life insurance also guarantees a death benefit to your beneficiaries for as long as you maintain your policy, not just for a fixed period of time.

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Whole life insurance defined: A whole life policy is a type of permanent life insurance where a contract is entered into between the policy owner and insurer, for a policy, which covers the life of the insured, for a specified insurance coverage amount, for the benefit of a beneficiary.

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Unlike a term life insurance policy, a permanent life insurance policy lets you rest assured that your beneficiaries will receive funds — regardless of when you die — as long as your premiums are kept up.

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In fact, permanent insurance is often referred to as cash - value insurance because these types of policies can build cash value over time, as well as provide a death benefit to your beneficiaries.

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That right of permanent residence confers on its beneficiary protection against measures of expulsion, which can be taken against him only on serious grounds of public policy or public security.

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In fact, permanent insurance is often referred to as cash - value insurance because these types of policies can build cash value over time, as well as provide a death benefit to your beneficiaries.

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Permanent life insurance policy can provide beneficiaries with a source of cash to help pay for these taxes.

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Permanent life insurance policies act as not only an insurance policy that will pay out to your beneficiaries in case of your death but is also a savings vehicle that is tax - deferred.

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This type of policy offers one component for permanent death benefit proceeds whereby funds will be available to a beneficiary (or beneficiaries) for paying off final expenses and other financial needs of the insured's survivors.

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Whole life insurance is a kind of permanent life insurance policy — meaning it lasts your whole life — that eventually pays out a tax - free sum of cash to your beneficiaries when you die.

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Both term and permanent policies allow you to select an amount of coverage in exchange for your premium payments over the life of the policy, providing a lump sum payment to your beneficiaries when you die.

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Variable life insurance is similar to whole life insurance — a simpler form of permanent life insurance — in that it pays a tax - free sum to your beneficiaries if you die, and in that it contains a long - term savings component called the «cash value» of the policy.

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With term and permanent life insurance, you make premium payments so that in the event of your passing, your loved ones and beneficiaries will receive the death benefit proceeds from the policy.

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While the funds that are borrowed from a permanent life insurance policy do not typically have to be repaid, if they are not, the shortfall — plus interest — will be charged against the amount of the death benefit that is ultimately paid out to the policy's beneficiary.

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Life insurance, or rather, standard life insurance, consists of a policy that is either permanent life insurance or term life insurance, with a death benefit paid to the beneficiaries upon the insurance holder's death.

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Upon the unfortunate death of the policy holder, it provides permanent protection to the beneficiary.

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The good news about using permanent life insurance as part of your investing strategy is that the funds accumulate on a tax deferred basis, the proceeds given to beneficiaries is also free of federal income tax, and as your life insurance needs dwindle when you get older you can access the difference through policy loans.

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If the insured dies or suffers permanent disability, during the tenure of the policy, the beneficiaries will receive benefits to make up for loss of income or unpaid debts left behind.

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Universal life insurance is a permanent insurance policy in that it will protect the insured and their beneficiaries for the duration of the insured's life.

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As a form of permanent coverage, universal life policies provide a guaranteed tax - free death benefit to policyholder beneficiaries based on the amount of premiums paid over time.

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Determining amounts to be received by multiple beneficiaries should be done as a percentage of the amount to be dispensed at the time of expiry since the death benefit of permanent policies may change as their cash values increase or decrease over time.

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Permanent life insurance gives you the potential to cover these two bases at once - you can transfer your assets income tax and estate tax free to beneficiaries and also build up tax - deferred growth of cash inside the policy.

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