Sentences with phrase «continued life of the insured»

An insurable interest means the beneficiary has a financial interest in the continued life of the insured and that the beneficiary would sustain a financial loss if the insured die prematurely.

Not exact matches

Option for benefits to continue even after the death of the life insured (when premium waiver rider is opted)

3) Bharti AXA Life Premium Waiver Rider (UIN: 130B005V03): Under this rider in case of the unfortunate event of death, Total Permanent Disability or critical illness (in case of Policyholder) and Critical Illness (in case of Life Insured) the future premiums are waived off and the benefits under the policy will continue.

A SPIA, or single premium immediate annuity, is designed to generate instant income during retirement by taking a lump sum of money and converting it into systematic payments that continue for a specified period of time or for the life of the insured individual.

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.

For instance, it's often up to the custodial parent to make sure the life of the noncustodial parent is insured — this ensures that children continue to have financial support if a parent dies.

And this will continue indefinitely until the end of the term or for the life of the insured, depending on the type and length of coverage.

Another benefit of term life insurance is that you will continue to be insured in the future as long as you meet the premium payments when due, regardless of any changes to your health, occupation or pastimes.

In addition to using the proceeds from a life insurance policy to continue paying living expenses, these funds can also be used for paying off debts of the insured, as well as for paying his or her funeral and other financial expenses — which today can exceed $ 10,000.

While initial premiums are higher than with a typical term policy, it is possible for coverage to continue until death of the insured, and cash value may accrue in the policy on a tax - deferred basis that can be used to help meet financial needs during your life.

The insurance policy will provide a return of capital at the death of the insured (you), with the lifetime income stream continuing for the surviving spouse or stopping if the annuity was just life - only on you.

Premiums are paid for the «whole life» of the insured person, continuing until he or she dies or reaches a specified maximum age.

The borrower must be the owner of the policy, but not necessarily the insured, and the policy must remain current for the life of the loan with the owner continuing to pay all necessary premiums.

Once an individual has been approved for a burial insurance plan with Americo, the premium will remain level throughout the life of the policy — and, provided that the premium continues to be paid, the coverage can not be canceled due to the insured's age or health status.

Many senior citizens still see the apparent benefits of insuring their own lives and continue to do so well after turning 60.

It prevents the lapse of the life insurance policy so the insured can continue to enjoy the benefits of the cash value and dividends to supplement his income.

In the first to die, the money would be paid out if one of the insureds dies, providing the survivor with necessary funds to pay bills and continue living.

Assuming required premiums are paid on time, a whole life policy continues until the death of the insured.

A personal accident policy enables the dependant members of the insured to continue with normal life without much financial burden.

The riders available include Aegon Life AD Rider which provides the payment of additional Sum Assured in case of accidental death, WOP Rider on CI where future premiums are waived if the insured is diagnosed with a Critical Illness while the coverage continues, iCI Rider covering four Critical Illnesses where the Sum Assured is paid in case the insured is diagnosed with any Critical Illness covered by the rider, Women CI Rider which covers women specific Critical Illnesses and provides part payment of the Sum Assured if the insured is diagnosed with any one of the covered illness.

If it is a joint life plan, on the death of the first life insured, the sum assured is paid out and the plan continues as long as the second life is alive or till the end of the term, whichever is earlier.

[13] The policy itself continues for the life of the insured.

As the name suggests, this whole life endowment plan continues to provide coverage till the death of the insured even after the maturity of the plan.

Whole life premiums are much higher than term insurance premiums, but because term insurance premiums rise with increasing age of the insured, the cumulative value of all premiums paid under whole and term policies are roughly equal if the policy continues to average life expectancy.

When the child / insured turns age 18, the amount of the life insurance protection automatically doubles — and, if the premium is paid, the child can continue to keep the policy into adulthood, regardless of age or health condition.

In order to continue receiving the monthly benefit with this rider, the insured must be annually recertified by a licensed health care practitioner of being unable to perform the daily living activities.

This type of coverage is a type of permanent life insurance coverage, meaning that the death benefit will remain as long as the insured continues to pay the premiums.

If the insured chooses the lifetime income option with their annuity, the product will continue to pay out an income stream for as long as the individual lives — regardless of how long that may be.

Not only that, since beneficiaries on a life insurance policy can be changed anytime, in future the spouse can be benefitted because of the presence of life insurance plan that will continue covering the insured.

Therefore, the coverage can oftentimes remain in force for the life of the insured — provided that the premium continues to be paid.

Because Universal life is a form of permanent life insurance coverage, these policies will remain in force for the insured's lifetime, provided that the premium continues to be paid.

However, once that period has elapsed, then the term life insurance will expire — and, if an insured would like to continue having life insurance, then he or she must then either obtain another policy, pay higher premiums on the current term policy, or convert the term policy over to a permanent form of coverage.

That is because the proceeds from a life insurance policy can be used for a variety of different needs, such as paying off large debts, continuing with ongoing living expenses, and / or paying off the insured's funeral and other final expenses.

Doing so can extend life insurance coverage for the remainder of the insured's lifetime — provided that premiums continue to be paid.

For example, these funds may be used for the payment of the insured's funeral and other final expenses, as well as for the payoff of large debts, and / or for continuing to pay regular, everyday living expenses when the income from the insured goes away.

This means that coverage is in force for the entire life of the insured — but only if you continue to pay your monthly premium!

The owner of a life insurance policy has an insurable interest in the insured when the policy owner is likely to benefit if the insured continues to live and is likely to suffer some loss or detriment if the insured dies.

If a policy is «renewable,» that means it continues in force for an additional term or terms, up to a specified age, even if the health of the insured (or other factors) would cause him or her to be rejected if he or she applied for a new life insurance policy.

The policy can continue with a reduced life cover of Rs 1 crore by paying proportionately reduced premium with life cover amount being availed by the family on demise of the insured.

The survival benefit is paid only if the insured party continues to live, however, in event of any unfortunate event which leads to the death of the insured either in an accident or otherwise, the sum assured is paid immediately to the nominee.

The main benefit of a permanent policy, however, is that it allows you to guarantee that, whatever happens to you for the rest of your life, you will be insured, so long as you continue making your payments.

And, although this is usually higher at the onset of the policy than a corresponding term life insurance policy, as the insured gets older, the premium continues to stay the same — even if the insured's health deteriorates, and he or she becomes uninsurable.

In case of death of the life insured, the nominee will receive a lumpsum, and the policy will continue as before.

The Policy will continue even after the Death of the Life Insured till the end of the Policy Term.

In this case, provided that an insured continues to show evidence of insurability at periodic intervals, his or her renewal premiums will remain comparable to the premiums for newly issued term life insurance policies.

Under LIC Bima Bachat, if the Life Insured is alive at the end of every 3 years, 15 % of the Basic Sum Assured is paid as Survival Benefit and the policy continues

Kotak Permanent Disability Benefit Rider (Linked): If an accident results in total and permanent disability of the life insured, the Rider Sum Assured is paid and the base policy continues

In the event of the life insured's death, the policy pays out the base sum assured and also waives future premium payments to ensure that that policy continues effectively.

An effective life insurance policy ensures the family members or dependents of the insured person continues to have financial security after the retirement, demise or because of any disability.

A provision of a Life Insurance policy which continues the coverage without further premium payments if the insured becomes totally disabled.