Sentences with phrase «chosen death beneficiary»

After passing, the chosen death beneficiary receives the death benefit.

Not exact matches

However, this means that if something happens down the line that causes the owner of a policy to not want their initial beneficiary to receive their death benefit (such as divorce), it'll still go to the beneficiary they chose during their application.

If your beneficiary chooses to receive the death benefit as an annuity, that means he or she wants to divide up the payments across a number of years of his or her choosing.

Your beneficiary can choose to receive the death benefit as an annuity, which is like receiving an income every year.

We recommend term life insurance over mortgage life insurance if you're in good health because you'll get cheaper quotes and the death benefit goes to the beneficiary you choose.

However, life insurance policy beneficiaries can use the death benefit any way they choose.

Although the death benefit of a term life insurance policy can be used any way the beneficiary chooses, the funds are commonly used for:

You choose a death benefit and pay a premium for a certain «term» and if you die during the «term» the insurer pays out the death benefit to your named beneficiary.

Term life insurance provides a death benefit to your beneficiaries if you should die during the number of years, or «term» you choose.

Term life insurance is the cheapest form of coverage, you can choose a death benefit that covers multiple loans or expenses, and you can choose your beneficiary.

Northwestern Mutual's policies allow your beneficiaries to choose how they will receive the death benefit if you pass away.

A deferred income annuity has a death benefit option that returns your initial purchase amount to your beneficiaries if you die before the commencement age you've chosen.

You make payments on the policy and, in return, the insurance company provides a lump - sum payment, also called a death benefit, to the beneficiaries you have chosen upon the death of the insured.

Income Protection Option: Rather than the typical lump sum payout upon death, you can choose to pay your beneficiary the death benefit a monthly income stream.

If the insured dies early in the policy's life, the death benefit paid to beneficiaries will be much lower than would be the case if option A was chosen.

In the event of the death of the policyholder under the specified policy terms, beneficiaries may choose to use financial proceeds to cover many areas, including:

If your beneficiary is a spouse or dependant they may choose to receive your death benefit payment as a pension or a lump sum.

You can also choose more than one beneficiary, and designate how you want the death benefit to be split among them.

Deferred annuities also provide a death benefit, so your chosen beneficiary of the annuity is guaranteed the principal amount as well as the compounded interest.

In the event of death, your beneficiary can choose to spend the benefit however he or she sees fit.

If you don't have a spouse or common - law partner on your death, or you choose to appoint someone else as «beneficiary», things work a bit differently.

Despite the death of the primary beneficiary, payments would continue to the secondary beneficiary for as long as the chosen term lasts.

To ensure your super fund goes to the people you choose when you die, you need to make a binding death benefit nomination (sometimes called a binding beneficiary nomination) through your super fund.

If you choose to take loans or partial surrenders, the cash value and the death benefit payable to your beneficiaries will be reduced.

While a will offers a way to ensure your assets pass to your chosen beneficiaries on death, not everyone dies with a will.

you pay a monthly premium to the company, and in exchange the company agrees to pay a certain amount of death benefits to your chosen beneficiaries.

Also, your premiums may be higher if you choose to purchase more coverage so that your death beneficiaries will receive more funds upon you death.

The person you choose to receive the death benefits of your life insurance policy is the beneficiary.

When you purchase life insurance, you enter into a contract with a life insurance company that agrees to pay a death benefit to your beneficiary, which can be your spouse, children or anyone you choose.

Although your beneficiary can be anyone, policyholders commonly choose to have the death benefit go to a family member, business partner or dependent.

What was once a $ 50,000 dollar bank CD or annuity account, can now be a life policy with a $ 100,000 tax free death benefit to a chosen beneficiary.

In the event of death, your beneficiary can choose to spend the benefit however he or she sees fit.

A death benefit in the first year of about 3 percent of the total death benefit may not be enough to meet the immediate needs of your family or beneficiaries, so consider your true needs before choosing this option.

If the insured passes away during that period, the full amount of the death benefit is paid to the beneficiaries the insured chose.

The insurer agrees to a pay a designated beneficiary (the loved one (s) of your choosing) a sum of money (the «death benefit») if you die.

You will have to choose how much of a death benefit you want your beneficiary to receive.

It is fairly basic in its setup, providing your chosen life insurance beneficiary with an income tax free death benefit should you pass away during the term.

The Beneficiary is the person the insured chooses to receive the death benefit of the life insurance policy.

Life insurance provides a lump sum of money to your chosen beneficiaries in the event of your death.

Life insurance is financial coverage that pays a specified amount of money to a chosen beneficiary upon the death of the main policy holder.

The primary beneficiary is the person or entity that is chosen to receive the death benefit first, receiving the proceeds of your life insurance policy when you die.

Your beneficiary can choose to receive the death benefit as an annuity, which is like receiving an income every year.

Instead of receiving a lump sum of money, the beneficiary can choose to turn the death benefit into an annuity by using the lump sum to purchase the annuity, or what's called annuitization.

You can also choose more than one beneficiary, and designate how you want the death benefit to be split among them.

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.

Policyowners who choose to go this route believe that it's worth it since they know they don't have much time left to live and are willing to pay absurdly high prices to make sure their beneficiaries receive the death benefit, which in this example would be $ 500,000.

Typically, these funds are used to cover funeral expenses, debts, mortgage or replace lost income of the insured party; however, the death benefit can be used by beneficiaries in any way they choose.

It's important to note that the death benefit can be used by beneficiaries in any way they choose.

All life insurance policies work on the same basic premise; make payments, called premiums, to the insurance company, which guarantees to pay chosen beneficiaries a sum of money upon the death of the insured.