Sentences with phrase «benefit on the life insurance policy»

The death benefit on the life insurance policy is there as security that the lender will get the loan repaid should this happen.

An accidental death benefit rider allows you to increase the death benefit on your life insurance policy in case you die as a result of an accident or injury (typically you must die within 90 days of the accident or injury to qualify for this benefit).

One way to maximize the benefits on your life insurance policy and to customize it to suit your specific needs is by opting for riders.

Yes, the insurer may deny coverage and refuse to pay a claim for death benefits on a life insurance policy if it is determined the applicant for coverage lied about his or her health on the application, and the lie was related to a health issue which would have resulted in the insurance company declining to insure the person for life insurance.

The owner agrees to pay a premium to the insurance company, and in return, the insurer agrees to pay a death benefit on the life insurance policy upon the death of the insured person.

There are two important things to consider when evaluating how much the death benefit on a life insurance policy should be.

Not exact matches

Please note that when you borrow money from a life insurance policy, it doesn't show up as income and has no impact on financial aid or the tax rate on Social Security benefits.

To «go on claim,» insurance - speak for using the benefit, you must be unable to perform at least two «activities of daily living,» such as bathing, dressing, feeding and toileting, for most policies.

Had the individual purchased permanent life insurance, he or she could have access to a potentially significant source of supplemental retirement income in the future (depending on the policy type), while preserving the death benefit in perpetuity (note, however, that the death benefit and cash value of a policy is reduced in the event of a loan or partial surrender, and the chance of lapsing the policy increases).

«In addition, each of them receives a benefit package that includes 100 % paid health insurance, short term and long tern disability insurance and a life insurance policy for free, two weeks paid vacation, plus 8 paid personal or sick days and 50 cents on a dollar matching contribution to a retirement plan.

He also takes out a 10 million dollar life insurance policy for his teenage daughter's benefit with an insurance representative who is influencing his vote on some impending insurance legislation.

In this case, the life insurance company would choose the annual benefit amount, based on the size of the policy and her age.

In a nutshell, while most whole life insurance is fixated on maximizing the death benefit of a policy and just allowing cash values to grow over time, strategic self banking focuses on maximizing life insurance cash values, so the whole life insurance plan can be used strategically as a savings and personal financing vehicle for the purpose of recapturing your cost of capital incurred when having to deal with third party lenders or using your own cash.

According to the National Association of Insurance Commissioners (NAIC), mortgage insurance lenders pay out only about 40 cents in benefits for every dollar spent by consumers on this type of policy, while it is 90 cents on the dollar paid out to consumers with regular term life insuranceInsurance Commissioners (NAIC), mortgage insurance lenders pay out only about 40 cents in benefits for every dollar spent by consumers on this type of policy, while it is 90 cents on the dollar paid out to consumers with regular term life insuranceinsurance lenders pay out only about 40 cents in benefits for every dollar spent by consumers on this type of policy, while it is 90 cents on the dollar paid out to consumers with regular term life insuranceinsurance policies

The policy document has all of the pertinent information about the life insurance policy: the term, the death benefit amount, policyholder details, and so on.

On the other hand, as long as premiums are paid, a permanent life insurance policy will always pay out a death benefit since it never expires.

Taking on a term life insurance policy earlier in life will benefit you down the road.

Take life insurance as an example: you pay for a policy, and if you die during the term then that money (the death benefit) goes to the person you named as your beneficiary on the policy.

One example is that, depending on your policy design, the death benefit for life insurance may continue -LSB-...] Read More

One of the key benefits of the permanent life insurance policy, is that the cash value grows tax deferred and withdrawals are taken out on a First In — First Out (FIFO) basis.

The best part is you won't be on the hook for life insurance premium payments in retirement but you can use the policy benefits to help supplement your retirement income.

A great benefit for both single premium whole life insurance policies is that, if you decide later on that you want to surrender the policy and cancel your coverage, you'll get a full return of your premium.

But because it pays on the first death, the probability that the insurance company has to pay a death benefit is similar to having two single life policies.

That $ 42,000 could be used to pay the premiums on a life insurance policy, on the trustmaker's life, with the death benefit to pass to the 3 beneficiaries.

If there are two contingent beneficiaries on life insurance policy can one file for his share or do both have to file to receive benefits?

Thanks to the acceleration of death benefit rider on his life insurance policy, however, Richard was able to get money to cover his huge medical expenses, allowing his wife and family to say goodbye without the specter of debt hanging over their heads.

In the following AIG review we will help shed light on why we have it ranked as one of our top 10 best life insurance companies by covering a brief history of the company, its ratings, services and products, including life insurance policies offered by American General, and the benefits they provide.

North American Company's Chronic Illness Accelerated Benefit Rider (CIABR) is automatically included on many of the Company's new permanent life insurance policies.

Term life insurance is defined as a contract between the owner of the policy and the insurer, for a policy on the life of the insured, whereupon the insured's death, the insurer pays a lump sum death benefit to the beneficiary.

For example, if you own a $ 500,000 life insurance policy and your parents co-signed on a mortgage loan worth $ 250,000, you can designate 50 % of the death benefit to your parents until the loan is paid off.

Life insurance companies will not write a check worth thousands, or perhaps millions depending on your policy's death benefit, of dollars to a minor child.

Benefits and rates will vary from company to company, but in a market with what could almost be cut and paste services shared among competitors it's nice to find that SBLI (Savings Bank Life Insurance Co.) has a different stance on policies and insurance tInsurance Co.) has a different stance on policies and insurance tinsurance than most.

The person or entity that you name as beneficiary on your life insurance policy contract will receive the death benefit proceeds when you die.

individual who receives the benefit from an estate, trust, retirement account, life insurance policy, or account with a transfer on death (TOD) designation

In the event of the insured's death, a life insurance death benefit will be paid to the named beneficiary on the policy - provided a claim is filed.

When you make premium payments on a cash - value life insurance policy, one portion of the payment is allotted to the policy's death benefit (based on your age, health and other underwriting factors).

Living Benefits Though the life insurance policies provide you with death benefits for your beneficiaries, you still need to reconsider on the uncertain expenses that crop wBenefits Though the life insurance policies provide you with death benefits for your beneficiaries, you still need to reconsider on the uncertain expenses that crop wbenefits for your beneficiaries, you still need to reconsider on the uncertain expenses that crop with age.

Depending on how you structure your policy, including different life insurance riders, will determine the living benefits you can access.

The inner - workings of cash value life insurance consists of a life insurance policy, which is a contract between the policy owner, the insured (often the same person), and the insurer, where the insurer agrees to pay a death benefit to the policy's beneficiary, based on the owner continuing to make the policy's premium payments.

Somewhere between term life and whole life is Universal Life Insurance, which provides similar benefits of both term policies and whole life policies, depending on the type of universal life policy you cholife and whole life is Universal Life Insurance, which provides similar benefits of both term policies and whole life policies, depending on the type of universal life policy you cholife is Universal Life Insurance, which provides similar benefits of both term policies and whole life policies, depending on the type of universal life policy you choLife Insurance, which provides similar benefits of both term policies and whole life policies, depending on the type of universal life policy you cholife policies, depending on the type of universal life policy you cholife policy you choose.

Although term life insurance does provide a guaranteed death benefit for a period of time, the nerds (actuaries) at the home offices of the major insurance companies know very well you will likely never cash in on the death benefit of a term life policy.

In reality, most people who are seriously considering a guaranteed universal life policy for securing a permanent death benefit should probably forget about the other types of universal life insurance and focus on a comparison with traditional whole life insurance.

If you're thinking of buying a cash value life insurance policy, ask your agent or company for a sales illustration, which is a computer projection of future premiums, cash values and death benefits based on the current dividend scale (whole life) or current interest rates and current costs of insurance (universal life).

If a policy of insurance has been or shall be effected by any person on his own life or upon the life of another person, the policyowner shall be entitled to any accelerated payments of the death benefit or accelerated payment of a special surrender value permitted under such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the policyowner.

If you are on traditional life insurance policy where proceeds are paid directly to the beneficiaries, this can make them to forfeit the government benefits they enjoy.

If you have an outstanding loan on your whole life insurance policy when you die, the death benefit that is paid out to your beneficiary (or beneficiaries) will be reduced by the unpaid amount of..

This means that you are free to take a life insurance policy on your own life for the benefit of anyone that you choose, or for any specific purpose.

This provision would make it impossible for a stranger to take a life insurance policy on you, and benefit as a result of your death.

For mortgage protection insurance, these forms of additional coverage are added on to policies and are known as living benefit riders.

Key person life insurance policies are taken out by companies on their employees, with death benefits that are paid to the company, rather than to the insured person or to their estate or heirs.