Sentences with phrase «death benefit paid on»

The death benefit paid on death will bean amount which is higher of the chosen Sum Assured deducting any partial withdrawals made in the 2 years prior to death or the available Fund Value is paid with a minimum of 105 % of total premiums paid until the date of death

There are tax exemptions under Sec 80 (C) and under Sec 10 (10D) for the premiums paid and also for the death benefit paid on the policy.

Joint first to die life insurance is insurance where two individuals are covered with death benefit paid on the first death.

Not exact matches

The value and cost of these policies depend on several factors: how the buyer chooses to pay premiums, how the market plays out and how the insurer calculates the death benefit.

As long as you continue to pay the premium on time, your rate and death benefit are locked in and guaranteed to stay the same.

When a death benefit is paid depends on the structure of the policy:

The transfer for value rule essentially says that, when you pass away, the third party would have to pay taxes on the life insurance death benefit.

Unless the value that you withdraw is paid back to the insurance carrier before your death, the balance of your loan will be deducted from the death benefit, and the carrier will need you to repay the interest on the loan as well.

Oral Questions - Ensuring wage - earners who are below the income tax threshold will benefit from any future increases in the personal allowance - Lord Greaves; Measures to detect and prevent sudden cardiac death - Lord Storey; Number of people employed by the EU Institutions and information on the number of those who pay either no tax, or reduced tax rates, on their remuneration - Lord Flight

On June 27, 2002, President Bush has signed a bill allowing death benefits to be paid to domestic partners of firefighters and police officers who die in the line of duty, permanently extending a federal death benefit to same - sex couples for the first time.

On the other hand, whole life policies do not expire if the premiums are paid and thus the death benefit will be paid eventually provided the policy remains in force.

Insurers want to pay out as quickly as they can, though, to avoid interest charges on unpaid death benefits.

Depending on how long it takes to go through this check, and insurer can pay out a death benefit within a few days, but it can take as long as 30 - 60 days depending on delays (more on that below).

On the other hand, as long as premiums are paid, a permanent life insurance policy will always pay out a death benefit since it never expires.

This Non guaranteed benefit (as percentage of Sum Assured on Maturity) is paid out as a cash bonus every year starting from the 6th Policy year, until maturity or death, whichever is earlier.

These can pay a benefit based on a percentage of death benefit (as you said, 2 % or 4 % and other options as well), and the benefit deducts right off the top of the policy.

Non-guaranteed benefit (as percentage of Sum Assured on Maturity) is paid out as a cash bonus every year starting from the end of the 6thPolicy year, until Maturity or death, whichever is earlier.

Death Benefit Payable: In the event of death, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the custDeath Benefit Payable: In the event of death, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the cuBenefit Payable: In the event of death, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the custdeath, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the custdeath benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the cubenefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the custdeath benefit option selected by the cubenefit option selected by the customer.

Take life insurance as an example: you pay for a policy, and if you die during the term then that money (the death benefit) goes to the person you named as your beneficiary on the policy.

When a death benefit is paid depends on the structure of the policy:

On the other hand, if you've just purchased a home with your spouse, you might consider a decreasing term policy (since your mortgage balance decreases over time as you pay it off) with a death benefit equal to the size of your outstanding loan.

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.

The most common is on a single life, where a death benefit is paid out when the insured dies.

Other configurations include joint last - to - die, where the death benefit is only paid on the last death of 2 or more insureds.

But because it pays on the first death, the probability that the insurance company has to pay a death benefit is similar to having two single life policies.

Typical life insurance strategies focus on the need for life insurance protection and this is really about the cost of paying for a death benefit.

What a graded death benefit means is that during the first 2 years (depending on the contract) the death benefit is equal to premiums paid and sometimes includes a little interest on top of that.

However, if your beneficiary receives the life insurance payment as a series of installments, the insurer will typically pay interest on the outstanding death benefit.

Parents will often request to have their life insurance death benefit paid in installments if their beneficiary is a young child or someone dependent on their income.

If you're a dependant of the deceased, you don't need to pay tax on the taxable component of a death benefit if you receive it as a lump sum.

That $ 42,000 could be used to pay the premiums on a life insurance policy, on the trustmaker's life, with the death benefit to pass to the 3 beneficiaries.

Also, how exactly would a life insurance company make any money if they guaranteed a $ 1 million dollar death benefit on $ 400k in premiums, and at death they paid BOTH in full?

Term life insurance is defined as a contract between the owner of the policy and the insurer, for a policy on the life of the insured, whereupon the insured's death, the insurer pays a lump sum death benefit to the beneficiary.

For example, if you own a $ 500,000 life insurance policy and your parents co-signed on a mortgage loan worth $ 250,000, you can designate 50 % of the death benefit to your parents until the loan is paid off.

(o) If there is no person who would be entitled, upon application therefor, to an annuity under section 2 of the Railroad Retirement Act of 1974 [98], or to a lump - sum payment under section 6 (b) of such Act, with respect to the death of an employee (as defined in such Act), then, notwithstanding section 210 (a)(9)[99] of this Act, compensation (as defined in such Railroad Retirement Act, but excluding compensation attributable as having been paid during any month on account of military service creditable under section 3 of such Act if wages are deemed to have been paid to such employee during such month under subsection (a) or (e) of section 217 of this Act) of such employee shall constitute remuneration for employment for purposes of determining (A) entitlement to and the amount of any lump — sum death payment under this title on the basis of such employee's wages and self — employment income and (B) entitlement to and the amount of any monthly benefit under this title, for the month in which such employee died or for any month thereafter, on the basis of such wages and self — employment income.

In addition, dividends are typically paid on whole life contracts and can be used to either increase the death benefit or reduce the premiums.

Accidental death benefit will also be paid (if rider is opted and on death due to accident).

If the policyholder dies during the term — and he or she has paid the premiums on time and the policy is in good standing — the beneficiaries listed in the policy will receive a death benefit.

These policies offer much lower premiums as the death benefit is paid out on the passing of the second spouse (i.e. if you die, the death benefit is held until your spouse also dies).

On top of the death benefit amount, this option allows any amount left in the policy fund to accumulate cash value and the total to be paid tax - free to the beneficiary.

On the protection side, it generally includes a tax - free death benefit to your loved ones and has an optional feature that gives you the ability to access your policy values to help pay for costs should the insured suffer from a chronic or terminal illness, just in case.

Dividends are also paid on the additional insurance, providing a compounding effect that increases the death benefit at a rapid rate.

This is also a part of one such requirements ie minimum death benefit that life insurance company has to pay on unfortunate event.

The account value will be added to the base death benefit and the total will be paid out on a claim.

Life insurance death benefits paid out of qualified plans also retain their tax - free status, and this insurance can be used to pay the taxes on the plan proceeds that must be distributed when the participant dies.

In the event of the insured's death, a life insurance death benefit will be paid to the named beneficiary on the policy - provided a claim is filed.

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.

On the other hand, whole life policies ALWAYS pay a death benefit if kept in force and therefore they are more expensive at first.

Additional cash value and death benefit growth is possible through the use of dividends paid on participating whole life policies.

Continuing under the assumption that you have a defined benefit pension plan that will pay you $ 50,000 per year until you pass away I would say that your pension plan is more similar to a life annuity rather than a GIC since a GIC comes to term whereas an annuity pays until death, but if you are trying to put a value on the holding of your pension plan I would say that yes, it is fair to count it as a million dollar GIC at 5 %.