Sentences with phrase «guaranteed renewability»
"Guaranteed renewability" means that something, such as an insurance policy or a contract, can be renewed or extended without being terminated or canceled as long as certain conditions are met. It provides assurance that it can be continued or extended. Full definition
Now, this was a welcome move for the insurers» point of view as well, because continuous renewals only guaranteed renewability of the policy for life which meant a longer flow of insurance premium as well.
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This policy comes with guaranteed renewability, but only covers insureds through age 80.
Return of Premium Benefit Rider: If you want disability insurance but would like something in return in case you are one of the lucky (blessed) people to not suffer a disability, you can get all or a portion of your premiums returned by policy lapse or cancellation, your death, or the end of the policy guaranteed renewability period.
And although the policy provides guaranteed renewability, your long term disability insurance rates can increase unless the policy is also non-cancelable.
Guaranteed renewability means you are guaranteed the option to renew your life insurance for an additional «term» when the original policy term ends.
Comment: We received a comment that HHS provide clarification that the existing special enrollment period available for loss of minimum essential coverage (MEC) at paragraph (d)(1)(i) should not be triggered when a Start Printed Page 10800consumer's policy ends at the end of the benefit year because guaranteed renewability prevents the consumer from losing their coverage.
The term guaranteed renewability refers to your contractual right to renew the policy until the term ends and the insurers obligation to continue your coverage regardless of your health or age until the term ends.
There are companies out there (well, at least one that I know of) whose term products have guaranteed renewability until age 95, with no additional medical requalifications.
It's also why guaranteed renewability and a guaranteed conversion option are so important, because they too rely on that initial health picture, which is most likely the healthiest you'll be at any time during your coverage.
And, without guaranteed renewability, you could be refused coverage altogether.
Alternatively, some LTD policies provide guaranteed renewability to age 65, age 67, or even to age 75.
Guaranteed renewability.
The guaranteed renewability provision in your policy protects you against the company cancelling your contract before the underlying policy term ends.
When designing your private disability insurance there are certain key features that you should consider, such as own occupation definition of total and partial disability, guaranteed renewability, non-cancelable, a cost of living adjustment rider.
Still, for the folks who need it, guaranteed renewability is a godsend.
«Guaranteed renewability» means you can renew your term policy for additional years beyond the term limit, without being forced to take another medical exam.
Similar to guaranteed renewability, the important thing here is that you can extend coverage (in this case, for the rest of your life) without having to take a new medical exam.
A lot of term policies have guaranteed renewability, but have you ever taken a look at the cost?
A very significant change in the evolution of Health Insurance in India was brought about in October 2013, with the introduction of the Guaranteed Renewability of Health Insurance Policies in India for life with continuity benefits.
The new age health plans now prescribe a guaranteed renewability, or in other words, a policy that is renewable for an entire lifetime.
Guaranteed renewability is an important policy feature for any prospective owner or insured to consider because it allows the insured to acquire life insurance even if they become un-insurable.
But even though it's expensive to use, guaranteed renewability is crucial if you develop health problems.
Guaranteed Renewability — Sometimes it makes sense to extend the term by just a year or two, rather than convert to a permanent policy (maybe your financed your mortgage and now owe payments for longer than you originally planned).
If you're planning to purchase term insurance, make sure that it is guaranteed renewability.
You can take a level term life insurance with a guaranteed renewability clause.
Guaranteed renewability of your term life policy is an important feature, but comes with a higher cost than non-renewable term policies.
Whether he offers you a conversion option, guaranteed renewability, or some other provision that will protect your insurability when the term policy expires, you owe it to yourself and your family to fully explore these options.
Our favorite life insurance companies offer two important policy options: guaranteed renewability and term - to - permanent conversion without a medical exam.