Sentences with phrase «entire face amount of the policy»

Guaranteed issue policies normally have a two year waiting period before the entire face amount of the policy will be paid to the beneficiary.

A conversion option allows you to convert up to the entire face amount of your policy before your term ends.

Not exact matches

However, this type of policy still has a level premium and face amount during the entire life of the coverage.

With a level term mortgage life insurance policy, the face amount of the plan will remain the same throughout the life of the entire term of the policy.

One type — level term — will keep the face amount (death benefit) of the policy the same throughout the entire duration of the policy.

If you choose to pay off the loan, your death benefit will be reinstated as the initial face value of the policy (plus the entire cash - value amount earned while owning the policy, if you have requested that option).

Most companies will allow you to convert up to the entire face amount of your existing term policy and you'll be guaranteed your original rate class.

The main drawback to guaranteed issue life insurance is that there is a very limited amount of coverage offered (up to $ 25,000), and the policies need to be in effect for two years before paying out the entire face value.

If the rates are too high to convert your entire policy, you can convert a portion of it (a minimum of $ 100k face amount) and essentially pay the same for less coverage (not ideal, but again, good to have the option, and you'll be able to keep this coverage for the rest of your life).