Sentences with phrase «death benefit payment when»

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When you purchase an accidental death and dismemberment rider, read all the fine print and confirm that what is written reflects your understanding of the payment terms, death benefits, and what is both included and excluded from your coverage.

Different rules exist for who is a dependant when making a super death benefit payment (superannuation law) and the resulting tax treatment (taxation law).

When a loved one passes away, the insured's life insurance policy can provide a death benefit that helps family members to pay for medical payments, end - of - life expenses and funeral costs.

In exchange for premium payments, a life insurance policy provides a tax - advantaged lump - sum payment, known as a death benefit, to the beneficiaries when the insured passes away.

When you make premium payments on a cash - value life insurance policy, one portion of the payment is allotted to the policy's death benefit (based on your age, health and other underwriting factors).

When death occurs, the death benefit will be paid out to the beneficiary, generally in a lump sum payment.

And when you get to a point where you want a more reliable premium payment, you can change the death benefit to level or level with return of premium.

When the death benefit payments received exceed the stated amount, income taxes accrue as these payments are received.

In addition to protecting the income stream, deferred annuity contracts provide death benefit protection in the event the owner dies prior to receiving payments, and this is a safeguard when deferring payments to obtain the tax advantages.

In return for a premium payment, an insurance company will pay out a stated amount of tax - free death benefit to a named beneficiary — assuming, of course, the policy is in - force when the insured passes away.

When you hear about «guaranteed death benefits» (a benefit for beneficiaries should the annuitant die before payments begin) and «income guarantees» or «guaranteed withdrawal benefits,» remember to read the fine print to see how they actually work.

Other benefits include accidental death, which provides benefits when death occurs as a result of an accident, family plan for insured spouse and children, disability waiver of premium, which waives the premium payments if the insured becomes disabled for more than 6 months and mortgage payment disability benefit which offers money to continue making payments if the insured individuals becomes disabled for 60 days or longer.

An anti-detriment payment is an additional lump sum amount that may be paid to an eligible dependant when a lump sum death benefit is paid.

Regulations regarding South Carolina Life Insurance usually come into play when a claim is filed, and have to do with payment terms and other issues surrounding the disbursement of death benefits.

The policy will then remain in force, and the buyer will make the payments for you and receive the death benefits when you pass away.

If the money is not repaid, the withdrawals will reduce the policy's death benefit — the payment to the beneficiary when you die.

A viatical settlement occurs when a person who is chronically or terminally ill sells his or her whole or universal life insurance policy to a third party that maintains the premium payments and receives the death benefit when the insured dies.

It differs from whole life insurance because you are in the driver's seat when it comes to choosing your death benefit, saving options, and even premium payment.

You keep up the payments and your heirs receive the death benefit payment no matter when you die.

Normally, when the policyholder dies, the death benefit is paid to the beneficiaries as a tax - free, lump - sum amount (or, sometimes, a series of payments) and that's the end of the transaction.

There are limitations and conditions regarding payment of benefits due to misrepresentations on the application or when death is the result of suicide in the first two policy years.

Premium payments are usually made annually and death benefits are paid when theinsured dies.

The buyer of the policy pays all future premium payments and receives the death benefit upon the death of the insured (when the policy matures).

When you make premium payments on a cash - value life insurance policy, one portion of the payment is allotted to the policy's death benefit (based on your age, your health, and other underwriting factors).

Unlike a whole life policy a universal life policy offers flexibility when it comes to the death benefit and the premium payments.

The financial stake is the financial burden that you might have to incur when your mother passes away such as debts like credit cards, mortgage and car payments, death benefits and similar expenses.

When a consumer sells a policy in a «life settlement» transaction, the policy owner receives a cash payment and the purchaser of the policy assumes all future premium payments — then receives the death benefit upon the death of the insured.

If the beneficiary sets a time to stop receiving interest payments and is alive when that time comes, they will receive the full death benefit of the policy then.

This is deceiving because it leads seniors (and myself) to think their monthly premiums remain level — when in fact it's your death benefit that remains level and not your premium payments.

The policy's cash value can provide needed funding for required payments when the employee retires, and the death benefit can be used if payments are to the employee's beneficiary.

The initial (usually) 3 - year period of a life insurance policy is called the contestability period, as during this period suicide and misrepresentation of the information provided (e.g. smoking or heavy drinking when you stated on your application form you don't smoke or drink) can void the payment of the benefits in case of death.

In fact, the controller alleged that John Hancock has a practice of avoiding paying death benefits, instead collecting premiums from the accrued cash value of a policy, even when the premium payments stop coming from the insured.

The new owner takes over premium payments and receives the full death benefit when the insured dies.

When he dies, the full death benefit is paid immediately, and confidentially to his charity — a much larger gift than he would have made if donating the cash equivalent of his premium payments.

In contrast, to say a 30 - year term life insurance policy, which pays a death benefit only if the insured dies during a specified period of 30 years, a whole life policy provides for the payment of a death benefit regardless of when the death occurs in someone's life.

Term policy payments do contain smaller agent commissions, but they ultimately make no difference to you as your estate will reap the benefits of your policy regardless of when your death occurs.

That it's not all bad news when it comes to the graded death benefit policies because in most cases, if an insured dies from «natural» causes during the graded death benefit period, most guaranteed life insurance policies (or at least the ones we offer here at TermLife2Go) will have some «reimbursement program» whereby the insured's beneficiary will receive back some if not all of the premium payments that the insured paid plus some type of additional interest earns as well.

When you make premium payments on a whole life insurance policy, part of that payment goes towards paying your death benefit, and another part is saved.

Universal life insurance offers policy holders a great deal of flexibility in that they can choose — within certain parameters — when they make their premium payment, as well as how much of that payment is allocated to the death benefit and how much of it is allocated to the cash value component.

This does not expire when the policyholder reaches a certain age; and that allows the policyholder to adjust the amount and timing of premium payments and the amount of the death benefit while the policy is in force.

If you arrange for temporary insurance when you submit your application, you will be covered when we receive your application and payment in our office (check the details of your temporary coverage, as the benefit amount might differ from the death benefit you are applying for).

And when you get to a point where you want a more reliable premium payment, you can change the death benefit to level or level with return of premium.

A provision added to a life insurance policy for payment of an additional benefit, above and beyond the death benefit, when death occurs by accidental means, as defined in the policy.

Overall, however, when a premium payment is made into a permanent life insurance policy, a portion of the premium will be put towards the policy's death benefit.

Specifically, West Coast Life provides term and term - like life insurance, which provide protection for a certain period of time, universal life insurance, which provides life - long insurance but with particular premium requirements that need to be met; Survivor Life Insurance, which covers the lives of two persons who are insured, and the death benefit is given when the last of these two persons insured dies; and annuities, which are insurance contracts, which payments can be set regularly to aid in meeting the needs of people saving for their retirement.

There are a multitude of things that a life insurance death benefit can cover including funeral and burial expenses, outstanding debt life mortgage payments, income replacement for your spouse when you are no longer here, and your children's educational future.

When death occurs, the death benefit will be paid out to the beneficiary, generally in a lump sum payment.

When the total return of the policy is calculated using both the death benefit and dividend payments (and especially when coupled with the early access to money through withdrawals) it becomes a net positive for total money paid from the polWhen the total return of the policy is calculated using both the death benefit and dividend payments (and especially when coupled with the early access to money through withdrawals) it becomes a net positive for total money paid from the polwhen coupled with the early access to money through withdrawals) it becomes a net positive for total money paid from the policy.

In addition to protecting the income stream, deferred annuity contracts provide death benefit protection in the event the owner dies prior to receiving payments, and this is a safeguard when deferring payments to obtain the tax advantages.

And when the insured ultimately passes away, the insurer is again required to provide reporting — to both the buyer / policyowner, and the IRS — including the death benefit payment, and (again) the estimated basis of the policy.