Sentences with phrase «die over the term of the policy»

This is done using aggregate data and actuarial tables — which basically display the probability a person will die at each age — to see how likely it is they'll die over the term of the policy.

This is what's known as the underwriting process; the carrier is finding out your risk level — the probability that you'll die over the term of your policy — and setting your premiums accordingly.

Not exact matches

Both term and permanent policies allow you to select an amount of coverage in exchange for your premium payments over the life of the policy, providing a lump sum payment to your beneficiaries when you die.

As the name implies, this rider will allow term life insurance policyholders to recover all or part of their premiums paid over the life of the policy if they do not die during the stated term.

Regardless of the shifts in the stock market and the value of your assets over time, when you die, term life insurance offers your family a secure financial future whose value you predetermine when you buy your policy.

This way if you were to die late in the policy term, there would be a substantial amount of money left over for your beneficiary after paying off the mortgage.

Term insurance is the simplest form of life insurance plan that offers comprehensive life coverage over a period of time and in case the insured person dies during the tenure of the policy, the guaranteed death benefit is payable to the nominee of the policy.

The idea is that the risk of your dying is calculated over the term of the policy, and your premiums will reflect that risk.