Sentences with phrase «benefits under a life insurance policy»

Usually, when you collect a death benefit under a life insurance policy, it will be exempt from federal or state income tax, adds Hamilton.

Nominee is the person nominated by the policyholder to receive the benefit under a life insurance policy during settlement of claim.

Not exact matches

(a) Schedule 2.7 (a) of the Disclosure Schedule contains a list setting forth each employee benefit plan, program, policy or arrangement (including any «employee benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligation.

Under universal life insurance option B, the policy proceeds increase over time and are equal to the cash value plus the death benefit.

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Although creditor protection is one of the benefits of a life insurance policy, it is only available under specific circumstances and there are many exceptions.

The primary difference between life insurance and AD&D insurance is the set of circumstances under which a policy will pay a death benefit.

Under IRC Section 2035, the death benefit of a life insurance policy can still be included in the owner's estate for three years if the policy is gifted to an Irrevocable Life Insurance Trust (ILlife insurance policy can still be included in the owner's estate for three years if the policy is gifted to an Irrevocable Life Insurance Trusinsurance policy can still be included in the owner's estate for three years if the policy is gifted to an Irrevocable Life Insurance Trust (ILLife Insurance TrusInsurance Trust (ILIT).

If you are covered by a life insurance policy but your death falls under one of these exclusions, the insurance company may not have to pay out the benefit.

Child life insurance is typically sold as a whole life insurance policy with a death benefit under $ 100,000.

The right of a judgment debtor to accelerate payment of part or all of the death benefit or special surrender value under a life insurance policy, as authorized by paragraph one of subsection (a) of one thousand one hundred thirteen of the insurance law [* see below], or to enter into a viatical settlement pursuant to the provisions of article seventy - eight of the insurance law, is exempt from application to the satisfaction of a money judgment.

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.

Universal life insurance structured under Option B is designed so that proceeds of the policy rise in value over time and equal the death benefit plus the cash value.

With last - survivor or second - to - die life insurance, the death benefit is paid after the second person covered under the policy dies.

Learn more about how life insurance benefits are paid out to beneficiaries and under what circumstances you may have to pay taxes on a policy's proceeds.

These investment options are intended to be sold to certain asset allocation portfolios and to separate accounts of Transamerica Life Insurance Company or Transamerica Financial Life Insurance Company to fund the benefits under certain individual flexible premium variable insurance Insurance Company or Transamerica Financial Life Insurance Company to fund the benefits under certain individual flexible premium variable insurance Insurance Company to fund the benefits under certain individual flexible premium variable insurance insurance policies.

Successfully defended life insurance company in jury trial in federal court in Massachusetts concerning denial of life insurance benefits under cancelled insurance policy.

It has come under a lot of scrutiny lately from certain financial entertainers but whole life still meets a crucial need, particularly for those who desire to benefit from their own life insurance policy.

A variable life insurance policy's death benefit will never go under the listed guaranteed amount.

Instead, you should set up a trust to benefit the child and name the trust as the beneficiary of the policy, or name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act (UTMA).

If the insured, the person covered under the life insurance contract, is diagnosed with a significant medical condition that is determined to be terminal by a physician, the policy owner can apply for accelerated death benefits up to certain limits established by the insurance company.

Under this law, life insurance death benefits of employer - owned life insurance policies issued after the effective date of August 17, 2006 are income taxable (to the extent the death benefit exceeds the employer's premiums) unless certain requirements for an exception to taxation are met.

One of the most worthwhile benefits offered the life insurance policy is income tax exemption under section 80C of the Income Tax Act 1961.

Tax benefits: The maturity benefits offered by life insurance policies are eligible for tax benefits under Section 10 (10D) of the Income Tax Act in India.

Instead, it's best to set - up a trust to benefit the child and name the trust as the beneficiary of the policy, or name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act.

Provides the benefit of waiver of all future premiums payable under the base Life Insurance Policy on the earlier occurrence of Untimely Death, Accidental Permanent Total Disability or Critical Illness.

Life insurance policy offers you tax saving benefits under section 80C of the Income Tax Act, 1961.

Bharti AXA Life Triple Health Insurance Plan provides you triple benefit under the same policy.

Death Benefit Options: There are four classifications for death benefit options under universal life insurance policies and these are as follow: a. Level death benefit: This only covers the amount accumulated during the length of the Benefit Options: There are four classifications for death benefit options under universal life insurance policies and these are as follow: a. Level death benefit: This only covers the amount accumulated during the length of the benefit options under universal life insurance policies and these are as follow: a. Level death benefit: This only covers the amount accumulated during the length of the benefit: This only covers the amount accumulated during the length of the policy.

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-- The term «reportable death benefits» means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale.».

Under the COLI Best Practices Act, unless the employer provides written notice and obtains the employee's written consent prior to the issuance of the policy, the death benefit of the life insurance policy will be taxable from day 1.

Learn more about how life insurance benefits are paid out to beneficiaries and under what circumstances you may have to pay taxes on a policy's proceeds.

When you buy a term or whole life insurance policy with the appropriate living benefits rider attached you will be able to choose how much of your policy will be accessible prior to your death and under what circumstances.

Under this proposed law, life insurance death benefits for business - owned life insurance policies issued after the effective date of August 17, 2006 are income taxable (to the extent the death benefit exceeds the employer's premiums) unless certain requirements are met.

An Accelerated Death Benefit, may also be known as Accelerated Life Insurance Policy, under which part of the death benefit of your life insurance policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior toBenefit, may also be known as Accelerated Life Insurance Policy, under which part of the death benefit of your life insurance policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior to deLife Insurance Policy, under which part of the death benefit of your life insurance policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior Insurance Policy, under which part of the death benefit of your life insurance policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior to Policy, under which part of the death benefit of your life insurance policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior tobenefit of your life insurance policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior to delife insurance policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior insurance policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior to policy (usually 25 % or more) becomes payable to the policy owner for a specific medical condition prior to policy owner for a specific medical condition prior to death.

When the insured person dies, the remainder of the death benefit is paid to the Beneficiary, just as under a traditional life insurance policy.

A contingent beneficiary is defined as the person or organization who would receive under the terms of the life insurance policy if the primary beneficiary can not or chooses not to receive the death benefit proceeds.

So any sum received from a Life Insurance policy (excluding Pension plans) as maturity proceeds or death benefit is tax - free under Section 10 (10d).

Permanent life insurance, like whole life and universal life insurance, provides tax - free death benefits as well, but these policies also build a cash value savings that might be subject to income tax under certain circumstances.

Under IRC Section 2035, the death benefit of a life insurance policy can still be included in the owner's estate for three years if the policy is gifted to an Irrevocable Life Insurance Trust (ILlife insurance policy can still be included in the owner's estate for three years if the policy is gifted to an Irrevocable Life Insurance Trusinsurance policy can still be included in the owner's estate for three years if the policy is gifted to an Irrevocable Life Insurance Trust (ILLife Insurance TrusInsurance Trust (ILIT).

When the insured dies, the remainder of the death benefit is paid to the beneficiary, just as under a traditional life insurance policy.

In the case of a policy insuring the lives of debtors, a provision that the insurer will furnish to the policyholder, for delivery to each debtor insured under the policy, a certificate of insurance specifying that the death benefit will first be applied to reduce or extinguish the indebtedness.

Life insurance policies can be useful tax planning tools, because the policy holder is eligible for tax benefits under the Income Tax Act 1961 (Act).

Benefit for the death of an insured person; such coverage generally provided under a life insurance policy

Under the suicide clause, the life insurance company will not pay the death benefit and will return premiums if the insured commits suicide within the first two years of the policy.

The act merely says that when a married man takes out life insurance policy endorsed under the MWPA, irrespective of his demise or bankruptcy, the benefits as a part of the life insurance policy are payable to those nominated under this policy.

Under this proposed law, life insurance death benefits of employer - owned life insurance policies issued after the effective date of August 17, 2006 are income taxable (to the extent the death benefit exceeds the employer's premiums) unless certain requirements for an exception to taxation are met.

Individuals who are insured under a life insurance policy, a pension or other annuity product that carries a death benefit enter into a contract with a life insurance carrier at the time of application.

So, if you're buying a life insurance policy under the MWPA for the benefit of your wife and children, the sum assured will always be their property.