Sentences with phrase «in a life insurance contract»

Benefit: For life insurance, it is the amount of money specified in a life insurance contract to be paid to the beneficiary upon the death of the insured.

In the future and upon the death of the second insured, the benefit will be paid out to the named beneficiaries in life insurance contract.

If you own a term life insurance policy you may choose to convert your temporary insurance to permanent insurance by a specific date stated in your life insurance contract.

Nobody likes reading the fine print in life insurance contracts, so your agent should be very clear when explaining any policy provisions or restrictions.

In other words, the insured is the covered individual in the life insurance contract.

A: This provision is present in every life insurance contract no matter what type of life insurance you buy or which company you buy it from.

If you do not understand something, ask until you feel confident that everything makes sense and you are alright with all the terms in your life insurance contract.

Almost every insured person in a life insurance contract has gone through the underwriting process of an insurance company.

The most important feature of a life insurance company is being financially able and willing to provide the protection guaranteed in the life insurance contract if the need to file a claim should arise.

For example, some states only protect several thousand dollars worth of death benefit in a life insurance contract.

There are five basic participants involved in a life insurance contract..

One exclusion allowed in a life insurance contract is suicide in the first policy year.

Only an owner of a life insurance policy retains the abilities to name and change beneficiaries in a life insurance contract.

-- Every person who acquires a life insurance contract or any interest in a life insurance contract in a reportable policy sale during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth --

In a previous article focusing on the tax advantages of life insurance, we discussed that the cash value accrual in a life insurance contract is allowed to accumulate tax free inside the policy.

Next, it is mostly true that money that is squirelled away in your Life Insurance Contract will not count against you with the FASB rules.

In addition, the amount that the policy owner is allowed to borrow may actually be based on the value of the cash account, as well as the terms that are outlined in the life insurance contract.

Generally, the Internal Revenue Code Section 7702 implicates to place limits on the orientation of the investment in life insurance contracts in two either ways, by imposing minimum amount of death benefits and by restricting the allowed premium payment as written and mandated in the contract or both.

A variable universal life insurance contract may be attractive to those clients willing to bear a little extra risk in their life insurance contract for the opportunity to have a higher cash value, over time, with market rate returns.

An accelerated option is a provision that may be included in a life insurance contract, and it enables the policyholder to receive partial benefits before their death.

Make sure you read the life insurance policy closely because it clearly spells out in the life insurance contract what is and is not covered.

A policy assignment provision in a life insurance contract is one that permits the owner of the policy to sell, give or to pledge the policy as collateral.

That may depend on the state laws pertaining to life insurance and suicide, how long ago the life insurance policy was purchased, if the premiums were all paid up, and any suicide exclusion in the life insurance contract.

The Insured is the person whose life is insured in the life insurance contract.

In a previous article focusing on the tax advantages of life insurance, we discussed that the cash value accrual in a life insurance contract is allowed to accumulate tax free inside the policy.

You may have the option to convert your policy to permanent coverage by a specified date stated in your life insurance contract.

You may decide in the future that you need lifetime coverage, and if so, the conversion privilege in a term life policy will allow you to convert your term insurance into permanent insurance by a date specified in your life insurance contract.

In the case of divorce, a judge may elevate the status of an ex-spouse to an irrevocable beneficiary in a life insurance contract to replace alimony he would not receive in the event of his ex-wife's death, for instance.

In every life insurance contract, beneficiaries of the insurance proceeds are named in the agreement.

In a life insurance contract, for instance, all withdrawals from cash value are taxed on a «First in First Out» basis, meaning that cost basis is withdrawn before gains, free of tax.

In a life insurance contract the maximum death benefit an insured can qualify determines how much they can contribute to the policy.

All costs and fees are spelled out in a life insurance contract.

Alternatively, in life insurance contracts, an accelerated option can refer to the option that allows the policy holder to apply the accumulated cash value to pay off the policy.

In life insurance contracts, the premium is the consideration which the policyholder has to pay to the insurance companies.In return insurance companies assure to pay the defined sum in case of the claim event (either death or maturity).

In a life insurance contract, it is mandatory to submit the hard copy of the policy at the time of making a claim.