Sentences with phrase «by paying a death benefit to your beneficiaries»

The cost of insurance for the renewable term element inside a universal life insurance policy can be high in later years, but some companies reduce the cost of insurance by paying the death benefit to beneficiaries over an extended period of 30 years.

Term life insurance can help protect your family's financial well - being by paying a death benefit to your beneficiaries in the event the unthinkable were to happen to you.

Not exact matches

«A ruling by a Louisiana appeals court recently stated that the entire death benefit from a single premium annuity plan paid to the beneficiary named in that plan was subject to inheritance tax because it was part of the deceased annuity owner's estate,» says annuities specialist Steven Hart.

If you die by any means after the first two years, the full death benefit amount will be paid to your beneficiaries.

If you do designate your child as your beneficiary, when the insurer pays out, the death benefit will go to a trust overseen by a court - appointed guardian, who will hold onto the money until the child reaches the «age of majority.»

Protection for your group members — Death benefit is paid in event of death of the life insured by the company to the beneficDeath benefit is paid in event of death of the life insured by the company to the beneficdeath of the life insured by the company to the beneficiary.

Liberty Bankers can not be responsible for tax consequences caused by incorrect beneficiary designations: death benefits will be paid to the beneficiary on record as of the date of the annuitant's death.

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..

For life insurance policies that pay death benefits in the form of a lifetime payout, the portion of the payout that is not subject to tax if the policy has no refund provision or stated time period guarantee which is determined by dividing the amount of the death benefit by the life expectancy of the beneficiary.

While paid - up additions increase the death benefit received by your beneficiaries, they are often used primarily to increase a policy's cash value.

For example, by making your spouse the beneficiary, they can decide whether to use the death benefit to pay the mortgage (and continue living in the house) or for a more pressing expense.

A premium is paid monthly to keep the policy active, covered in full or in part by the employer, and upon the death of the employee a lump sum of money, the death benefit, is paid out to a designated group or person known as the beneficiary.

The policy will still pay out a death benefit to your beneficiaries when you die, but over time this death benefit is gradually replaced by the cash value.

Death Benefit: Money that is paid by an insurance company or employer to a beneficiary when a person dies.

Mortality Charge is one that is paid in lieu of the assurance given by the insurance company of providing benefits to the beneficiary in the event of unfortunate death of the insured.

Should you die while the policy is in force, your beneficiaries will receive not only your the initial face value as a death benefit, but also it's common for dividends to buy additional insurance by way of what are called «paid up additions», so the death benefit could actually be higher than the face value at the purchase of the policy.

Term policies pay death benefits — if you die during the period covered by the policy, proceeds will go to your beneficiaries.

If death occurs by a covered accident, this benefit pays an additional lump - sum benefit to your beneficiaries.

Voluntary life insurance is an optional benefit offered by employers, where an employee pays a monthly premium in return for cash paid to beneficiaries upon death.

This loan can stay in place until you die, and at that time the loan is paid off by the collateral, and the death benefit is paid to your beneficiary.

Should the insured pass away before monthly payout period ends, remaining death benefit is paid to the designated beneficiary as authorized by the owner

This policy provides a graded benefit, which means that if death of the insured that is due to natural causes — in other words, death that is caused by means other than an accident — during the first two years in which the policy has been in force, the named policy beneficiary will only receive back all of the premiums that were paid in, plus 10 percent, as versus the face amount of the policy.

There are a few edge cases, like if the death benefit is rolled up in an estate tax or if your beneficiaries elect to receive it in installments rather than a lump sum, but for the most part the money is paid out without being reduced by taxes.

The policy will still pay out a death benefit to your beneficiaries when you die, but over time this death benefit is gradually replaced by the cash value.

A premium is paid monthly to keep the policy active, covered in full or in part by the employer, and upon the death of the employee a lump sum of money, the death benefit, is paid out to a designated group or person known as the beneficiary.

The death benefit of a life insurance policy is the amount of money that is paid out to your beneficiaries upon your death and is determined by the life insurance contract.

If the policyholder chooses the Save Benefit under any of the plan option, then on death or critical illness, the Sum Assured is paid to the beneficiary who is the child, all future premiums are waived off and paid for by the company and the plan continues.

If the chosen Benefit Payment Preference is Save - n - Gain under any of the plan option, in case of death or critical illness suffered by the insured during the tenure of the plan, the Sum Assured is paid to the beneficiary who is the child, all future premiums are waived off and 50 % of the premiums are paid by the company towards the plan and 50 % to the beneficiary on every premium due date and the plan continues.

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..

It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company.

The death benefits associated with the policy are paid to the listed beneficiary -LRB-'s) and there are no guarantees that its benefit will be sufficient when needed to pay for any particular goods or services nor that those goods or services will be provided by any particular provider.

The death benefit will be paid to the beneficiary named by the insured, if they die.

In the event that the insured policy owner has weeks left to live and can verify such by medical evaluation, then death benefit payments can start being paid out to allocated beneficiaries.

By purchasing life insurance, you gain the assurance that your insurer will pay a death benefit to your named beneficiaries upon your death (as long as your policy is still in force at that time).

The annuity contract pays a death benefit to the beneficiaries designated by the owner of the annuity when the annuitant dies.

First, they could pay out the death benefit to the beneficiary MINUS the amount the insured avoided by lying or making the mistake on the application form.

And, if the insured person dies while insured by the policy, the insurance company pays out a death benefit to the beneficiary chosen by the insured.

The death benefit is paid tax free to the named beneficiaries, and the beneficiaries are determined by the contract owner.

If it's not paid back before you die, the death benefit paid to your beneficiaries will be reduced by any outstanding loan amounts.

Even if paid by a modified endowment contract, a death benefit can still be passed on to beneficiaries tax free, assuming that the normal requirements for a tax free death benefit under life insurance rules are met.

Death Benefit — The amount paid to the beneficiary by the insurance company upon death of the insured peDeath Benefit — The amount paid to the beneficiary by the insurance company upon death of the insured pedeath of the insured person.

A provision in certain life insurance policies (also known as an accidental death benefit) that pays double the death benefit to a beneficiary if the insured dies in an accident or in another way as specified by the policy.

The death benefit is paid to the stated beneficiaries of the contract, which are determined by the owner before the insured person is deceased.

Since those who have a whole life insurance policy will never need to re-qualify for their coverage (provided that they keep their coverage in force by paying the premium), then they can always count on having a set amount of death benefit available to their beneficiary.

Add - on benefit as accidental death benefit rider is offered by the policy, under which in case of accidental death of the insured a sum assured amount along with accidental death benefit is paid to the beneficiary of the policy.

Afterwards, the death benefit paid to your beneficiaries is reduced by the amount you received early.

The death benefit is paid out tax - free — simply by virtue of being a life insurance death benefit — and the tax - free proceeds are then used to pay off the (personal) loan, with the remaining proceeds paid out to the beneficiary.

Here, premiums are paid by the insured as per the frequency chosen for fixed period of time, for which death benefits are paid out to the nominee or the beneficiary of the policy.

Finally, different taxes may apply to the benefits paid by your life insurance policy if the death benefit is paid to the beneficiary in installments, instead of as a lump sum.

In most cases, should the insured die from natural causes during the graded death benefit, most if not all of the paid premiums will be returned to the insured beneficiaries so it will be as though the insured didn't actually lose money by purchasing the policy and dying too soon!