Sentences with phrase «designated in the life insurance policy»

Not exact matches

Cash value life insurance, whether whole life, IUL, or VUL, allows for the tax - free growth of funds in a policy's cash account unless the policy is canceled or surrendered, transferred or assigned to another owner, or the IRS no longer designates the policy a life insurance contract.

You spend countless hours researching the best life insurance companies, narrowing down your select few and the right policy, only to have all your careful planning go up in smoke due to a failure to properly designate your beneficiary or failing to update your policy.The following article will address the various concerns with naming different life insurance beneficiaries that you need to be aware of to avoid sabotaging your legacy.

When you purchase a life insurance policy, you'll be given the option of designating one or multiple beneficiaries to receive a death benefit in the case you pass away.

Please consider making a donation in your Will, or designating the Humane Society as the beneficiary of your life insurance policy or pension.

Under the Family Law Act or the Divorce Act, a court can order a support payor to designate the support recipient as the irrevocable beneficiary of a life insurance policy to ensure funds exist at the time of the payor's death to satisfy his (or her) support obligations specified in the support order.

Like all Life Insurance, Term Life Insurance companies will pay the face value of your policy tax - free to your designated beneficiary (or beneficiaries) in the event of your untimely death.

A life insurance policy is designed to pay a stated sum to the designated policy beneficiary in the unlikely event that the insured dies within the policy's coverage period.

When you buy a life insurance policy, you must designate a beneficiary, or someone to receive financial compensation in the event of your death.

In other words, you may want to designate a guardian for your children and a guardian for their property, which isn't something you can do by simply naming a contingent beneficiary on your life insurance policy.

When adding an AD&D rider, also known as a double indemnity rider, to a life insurance policy, the designated beneficiaries receive benefits from both in the event the insured dies accidentally.

Automatic increase rider - An optional policy rider in a universal life insurance policy that provides scheduled increases in face amount based on a designated percentage, beginning in a designated policy year.

You pay a monthly premium and in the event that you were to die your beneficiary (the person you designate to receive the life insurance money) receives payment of the face value of your policy.

A beneficiary is the person or entity that you designate to receive the cash benefit from your life insurance policy in the event of your death.

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holdLife insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holdlife assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

However, unless one lives in a designated floodplain and is required under the terms of a mortgage to purchase flood insurance, flood insurance does not go into effect until 30 days after the policy is first purchased.

An important difference between wills and life insurance is that life insurance is a contract between you and the life insurance company and the death benefit will go directly to the beneficiaries named in the policy or designated beneficiaries (with few exceptions) and not through probate.

Unlike an owner of a life insurance policy, designated beneficiaries do not have to have an insured interest in an insured when identified in the contract or upon the death of the insured.

Cash value life insurance, whether whole life, IUL, or VUL, allows for the tax - free growth of funds in a policy's cash account unless the policy is canceled or surrendered, transferred or assigned to another owner, or the IRS no longer designates the policy a life insurance contract.

If you designated your family living trust as such, the death benefit of your cash value life insurance policy will flow into the trust and your successor trustee will have the obligation to manage it and utilize the tools provided in your living trust for the maximum benefit of your estate and your beneficiaries.

Mortgage protection insurance is a life insurance policy that is designated and used to pay off your mortgage in the event of your death.

You spend countless hours researching the best life insurance companies, narrowing down your select few and the right policy, only to have all your careful planning go up in smoke due to a failure to properly designate your beneficiary or failing to update your policy.The following article will address the various concerns with naming different life insurance beneficiaries that you need to be aware of to avoid sabotaging your legacy.

When you purchase a life insurance policy, you'll be given the option of designating one or multiple beneficiaries to receive a death benefit in the case you pass away.

This type of term life insurance policy enables your death benefit to be paid out either in a lump sum, or distributed through regular equal payments to your family until the designated term ends.

If you live in a designated high - risk flood zone, your mortgage company likely requires you to carry a flood insurance policy.

In addition to the policy specifically designated to fund a special needs trust, it is common for parents to take out life insurance policies on each other.

The broker principal designates who in the organization is considered a key person and purchases a life insurance on that person, pays the periodic premiums, and is the beneficiary of the policy.

The cash proceeds from an insurance policy on your life are paid to whomever you have designated as beneficiary of the policy in a form filed with the insurance company — no matter who the beneficiaries under your will may be.