Sentences with phrase «death benefit of that policy goes»

Not exact matches

(The rest of the money you've spent goes to pay for the policy's death benefit.)

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 the policy death benefit truly is $ 300 then there is not going to be any way of finding out more about this policy except by asking her for more details.

But if you die while your policy is going through the initial funding period of 5 - 7 years, you will leave behind a larger death benefit.

Because the death benefit amount of your cash value life insurance policy may change over time as its cash value grows, make sure to specify a percentage of the proceeds to go to your beneficiaries rather than selecting a dollar amount.

For example, if you have two beneficiaries slated to split the death benefit, and one of them predeceases you, leaving two heirs behind, upon your death 50 % of the policy's proceeds would go to the living beneficiary and 50 % would be split between the other beneficiary's heirs.

For example, if you state in your will that you wish for 50 % of your life insurance death benefit to go to your mother, but your life insurance policy states that 100 % of the death benefit is going to your spouse, your wishes in the will are going to be denied.

You're entitled to go fishing (for eligibility requirements): A traditional fully underwritten whole life or universal life policy gives you coverage for life, pays out the insurance benefit upon your death and includes an investment component of accumulated cash value.

Universal Life Insurance — With universal life insurance coverage, policyholders can, within certain guidelines, choose how much of their premium goes towards the policy's death benefit, go to the cash value.

When he bought his life insurance policy, John set it up so that 100 % of his death benefit would go to his former wife Jane, as custodian of his minor child Lola.

John updates his policy to state 50 % of his death benefit going to Jane, as custodian of Lola, and 50 % of his death benefit going to Nancy, as custodian of George.

He unexpectedly dies but because they live in a community - property state and John paid premiums with «jointly owned» income, Jane automatically receives half of the death benefit, with the remaining half going to John's parents, even though she wasn't listed on the policy.

The face amount of coverage can go up to $ 20,000, and the full death benefit will be paid out after the insured has had the policy for a period of at least three years.

You can get mortgage life insurance that matches the number of years left on your mortgage and some policies offer a decreasing benefit where the death benefit goes down with the mortgage balance.

Instead of premium payments going exclusively toward the insurance policy, they're split between funding the death benefit and funding the cash value.

Term life insurance is a «pure» insurance policy: when you pay your premium, you're just paying for the death benefit that goes to your beneficiaries in the event of your death.

One reason for this is because the policy holder is allowed — within certain guidelines — to choose how much of his or her premium will go towards the policy's death benefit, and how much will go into the policy's cash value.

A graded death benefit is a clause written into guaranteed issue life insurance policy which states that prior to your policy covering «Natural» causes of death, you must first remain ALIVE for a certain period of time (typically 2 - 3 years depending on the carrier) after your guaranteed issue life insurance policy goes into force.

These type of policies are designed for individuals with pre-existing health conditions and have typically have a 2 - 3 year waiting period before the full death benefit goes into effect.

Split Dollar Plan — Where the death benefit or a major portion goes to the company as named beneficiary and the cash value goes to the employee's beneficiary of the policy.

Additionally, these life insurance policies typically go up to $ 50,000 of coverage and provide immediate benefits upon death.

These policies are more flexible than whole life, however, as the policyholder — within certain guidelines — may choose the amount of premium that goes towards the death benefit and the amount that goes into the cash value.

Also, this amount is tax deferred and it includes the portion of your life insurance policy premiums that go towards the payment of your death benefit protection as well as other insurance company expenses.

However, universal life is thought of as being more flexible than whole life because the policy holder has more control over when the premium due date is, as well as how much of the premium goes towards the death benefit, and how much goes towards the policy's cash value (within certain guidelines).

These are types of insurance policies that have a waiting period, sometimes two or three years, until the full death benefit goes into effect, and they're designed for people that have some kind of preexisting health condition.

If the Multiple Sclerosis is very severe and you're on disability, and you need help with activities of daily living then the best bet is probably to go with a graded death benefit policy.

In this situation, you are going to pay anywhere from 30 - 60 % more, and they will stipulate that you policy will pay a portion of the death benefit when it starts.

For example, if you state in your will that you wish for 50 % of your life insurance death benefit to go to your mother, but your life insurance policy states that 100 % of the death benefit is going to your spouse, your wishes in the will are going to be denied.

Term life insurance is going to be your most basic policy, with a defined premium and death benefit for a chosen number of years.

When he bought his life insurance policy, John set it up so that 100 % of his death benefit would go to his former wife Jane, as custodian of his minor child Lola.

(It is important to note, though, that any unpaid loan balance at the time of the insured's death will go against the amount of the death benefit that is paid out to the policy's beneficiary).

Instead of premium payments going exclusively toward the insurance policy, they're split between funding the death benefit and funding the cash value.

We gone into this in depth before, but here's a quick refresher: Insurance companies want to know how risky you are to insure, because that determines the likelihood of whether or not the death benefit will be paid out on a policy.

It also provides high coverage options; policies can go all the way up to $ 10,000,000, even though most people won't need nearly that high of a death benefit.

However, in the event that something goes awry and the cause of death is traced to a health factor that is not disclosed in the application, the insurance company may contest the benefit payment and ultimately refuse to pay, declaring the policy null and void.

Key person insurance is a life insurance policy, but instead of the death benefit going to a spouse, partner, child, or trust, it goes to the company.

Accidental death and AD&D policies very rarely pay a benefit, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid.

They may also decide how much of their policy premium will go into the cash value and how much will go towards funding the death benefit insurance protection.

This type of policy is considered to be more flexible than whole life, though, because the policy holder may choose — within certain parameters — how much of the premium will go towards the policy's death benefit, and how much will go into the cash value.

In addition, the policyholder of a universal life insurance policy may also be able to decide how much of their premium dollars will go towards the death benefit, and how much will go towards the cash value component of the policy.

A graded death benefit clause within a life insurance policy will state that for a certain period of time once the life insurance policy goes in force, the guaranteed life insurance policy will not cover the insured for natural causes of death!

Here, there is an additional benefit or 1 % of the base policy's death benefit — up to a maximum of $ 100,000 — that can go to a qualified charity of the policy holder's choice upon death.

Essentially, this means that the full death benefit will not go to the beneficiary if you pass away within the first two years of the policy.

That when you buy a life insurance policy you know and you want the peace of mind that your beneficiaries are going to be able to get that death benefit when you pass.

The states sued the insurance companies and they've made some agreements so, that life insurance companies are going to make more of an effort to find the beneficiaries on policies by looking up death records in states, versus social security numbers; so that people can actually get the death benefits they are suppose to.

Graded death benefits are clauses written into guaranteed issue life insurance policies which state that in order for your life insurance policy to pay a death benefit for «Natural» causes of death, you will need to live for a set period of time (typically 2 - 3 years) after your policy goes into effect.

Cash - value insurance has higher premiums than term insurance because part of the premium pays for the death benefit coverage and part of it goes toward the policy's cash value.

These policies are in that the policyholder may choose — within certain guidelines — how much of his or her premium dollars will go into the death benefit and how much will go into the cash value account.

A 10 year term policy remains in effect for 10 years after the date of purchase, and both the death benefit and price go unchanged.

The guy who has been investing $ 211 per month (a total of $ 25,320 for 10 years and earning 6 - 8 % per annum) or the guy who shelled out $ 30,000 for a Whole life policy where most of the money went to commissions, fees and death benefits.