Sentences with phrase «declining death benefit policy»

Not exact matches

If the applicant was not healthy enough to meet the underwriting criteria then the policy would be declined, and no death benefit paid.

The death benefit of VUL policies may rise or fall, but it will not decline below the specified guaranteed amount.

A decreasing term life policy (aka mortgage life insurance) features a death benefit that declines over time, even while the premium typically stays the same.

Insurers can pay death benefit in installments over a definite period of time and at a defined rate of interest, as approved under the «file and use» procedure on the declining balance if such an option is provided at the inception of the policy.

Surrender Charge Typically applicable to adjustable life, indexed universal life, and variable universal policies, a generally declining schedule of charges against the cash value may be imposed on the policy for a certain number of years from policy inception if the policy is surrendered, the death benefit is reduced, or in some instances, the surrender charge is taken into account in the monthly calculation to determine if the policy is still in force.»

Just because you've been declined for life insurance due to your diabetes, you can always get approved for an accidental death benefit policy, which does not take your health into account.

Decreasing term life insurance, also known as mortgage insurance, has a constant premium amount but the death benefit declines at a set rate over the course of the policy.

For example, an applicant lies and says they don't have a history of smoking in order to avoid a costly Smoker classification, but dies a year into their policy from lung cancer or some other lung - related affliction, the insurance company can investigate, determine the death was smoking - related, and decline to pay the death benefit because of application fraud.

Decreasing Term: A decreasing term policy features a death benefit that declines each year according to a predetermined schedule.

Accidental death benefits, individual policies, are nice to have if you have been declined, if you need coverage right away for flying, if you are fling, or going overseas and you want to make sure you have something in place, or if you just want additional coverage for accidents.

High risks are declined for immediate coverage, but can qualify for «graded death benefit,» which are no - medical - exam policies that have a waiting period before full benefits kick in.

The incontestability clause states that if the policy holder made false or misstatements on the policy application and dies within the first two years, the insurance company may decline to pay the death benefits.

For a 44 year old male, in good health, a 30 year term Mortgage Life policy with declining death benefit costs $ 265.46 / month or $ 3,051.50 / year.

With many mortgage life policies, the death benefit steadily declines to match the mortgage balance.

Decreasing term life insurance has a death benefit that slowly declines over the life of the policy.

Then, the policy will continue, with a declining death benefit until the end of the 30 year mortgage.

In other words, technically when a life insurance policy loan occurs, the death benefit is not actually reduced (which means the cost - of - insurance charges don't decline for any reduction in the amount - at - risk to the insurance company); instead, the insurance company simply recognizes that any final death benefit to be paid will be reduced first by the repayment of the loan balance.

If your subaccounts perform poorly, the death benefit could decline, but never below a defined level specified in the policy.

At this time, you can decline the offer for insurance at no cost, adjust your death benefit amount, or make your first payment to start your policy.

This policy is tied to your mortgage in every way, and therefore has a declining death benefit as your principle decreases with time.

Yes, the insurer may deny coverage and refuse to pay a claim for death benefits on a life insurance policy if it is determined the applicant for coverage lied about his or her health on the application, and the lie was related to a health issue which would have resulted in the insurance company declining to insure the person for life insurance.

A form of Life Insurance that provides a death benefit which declines throughout the term of the life insurance policy, reaching zero at the end of the term.

All insurance riders offered within variable contracts and policies fall into one of two categories; living benefit riders generally guarantee some sort of defined payout while the insured or annuitant is still alive, while death benefit riders protect against declines in contract values due to market conditions for beneficiaries.

The policies are relatively inexpensive, but the premium remains constant even as the death benefit declines.

Another agent suggested that it was unlikely they could get traditional life insurance given all of the declines and that they should consider a guaranteed issue graded death benefit policy.

An agent suggested that it was unlikely they could get traditional life insurance given all of the declines and that they should consider a guaranteed issue graded death benefit policy.