Sentences with phrase «expires during the policy term»

Generally, group life insurance policies are term policies, meaning that a fixed payment, also called the life cover or sum assured, is made if the insured person expires during the policy term but there is no return payment if the policy matures otherwise.

In case, policy holder expires during the policy term, within 5 years from the date of purchasing the policy then death benefit ie Basic Sum Assured on death (10 times of single premium amount) is payable to his nominee.

Not exact matches

A permanent life insurance policy is a policy that does not expire during a set term.

Premiums Earned - the portion of premium for which the policy protection or coverage has already been given during the now - expired portion of the policy term.

If the policy term expires before you die, think of it this way: The insurance still served its purpose by providing a safety net during those crucial years so you could focus on providing for your family, knowing they'd be OK financially without you.

If you or your beneficiaries do not make any claims during the term the policy, it will typically expire worthless.

Term life insurance premiums are locked in and do not increase during the term policy, but once the term expires, the premium rate could increase if you decide to continue with another tTerm life insurance premiums are locked in and do not increase during the term policy, but once the term expires, the premium rate could increase if you decide to continue with another tterm policy, but once the term expires, the premium rate could increase if you decide to continue with another tterm expires, the premium rate could increase if you decide to continue with another termterm.

A term policy purchased during the working years could be timed to expire when the insured is ready to retire.

Should you die during your policy's term, your beneficiaries will receive the payment - should the policy expire before you do, there is no pay out.

Term policies also sometimes give the owner the option to renew the policy without any underwriting after the term expires, though this is much more expensive on an annual basis than previous premiums during the coverage period in order to account for the adverse selection inherent in the pool of people who choose to renew a policy without underwritTerm policies also sometimes give the owner the option to renew the policy without any underwriting after the term expires, though this is much more expensive on an annual basis than previous premiums during the coverage period in order to account for the adverse selection inherent in the pool of people who choose to renew a policy without underwritterm expires, though this is much more expensive on an annual basis than previous premiums during the coverage period in order to account for the adverse selection inherent in the pool of people who choose to renew a policy without underwriting.

Technically, term plans can be described as a contract between the person insured and the insurance company wherein the company agrees to payout the lump - sum amount, referred to as the Sum Assured if the policy holder expires during the term of the plan.

If the policyholder expires during the policy's term, it will immediately bestow the death benefit along with the accumulated bonus till date to the nominee.

For any reason, if the insured person expires during the term of the policy, then most likely it is the death benefit that gets paid to the nominee.

So if the policy holder expires during the insured term, the death benefit is paid to the nominee.

A variety of permanent life insurance plan (which doesn't expire, unlike term life insurance), this sort of policy covers your family if you die during your working years, but also has the ability to build savings that can be drawn upon later in life.

Level Term Insurance offers a level premium and a level death benefit during the specific term of the coverage, from the time the policy is put into force until the policy expires at the end of the tTerm Insurance offers a level premium and a level death benefit during the specific term of the coverage, from the time the policy is put into force until the policy expires at the end of the tterm of the coverage, from the time the policy is put into force until the policy expires at the end of the termterm.

You do not need to show evidence of insurability to convert your policy, as long as you do it during the guarantee period of the policy, which expires at the end of the policy term or when you reach age 75.

You do not need to show evidence of insurability to convert your policy, as long as you do it during the guarantee period of the policy, which expires at the end of the policy term or when you reach age 70 (age 75 for policies with the Preferred Plus rating class).

Policy Tenure: Term life insurance is usually for a period of 5, 10, 15, 30, or up to 75 years and death benefits are given only when the insured expires during the term of the pPolicy Tenure: Term life insurance is usually for a period of 5, 10, 15, 30, or up to 75 years and death benefits are given only when the insured expires during the term of the polTerm life insurance is usually for a period of 5, 10, 15, 30, or up to 75 years and death benefits are given only when the insured expires during the term of the polterm of the policypolicy.