Sentences with phrase «in the life insurance policy contract»

As long as you pay your premium as you set out to and as described in the life insurance policy contract, your beneficiaries will receive the death benefit when you pass away.

When you die, the insurer promises to pay a sum of money outlined in the life insurance policy contract.

Not exact matches

Like Life Insurance policy, a health insurance policy is a legal contract between insurer and insured; in which insured pays premiums and in returns, insurer agrees to pay for medical expenses for a specified limit or sumInsurance policy, a health insurance policy is a legal contract between insurer and insured; in which insured pays premiums and in returns, insurer agrees to pay for medical expenses for a specified limit or suminsurance policy is a legal contract between insurer and insured; in which insured pays premiums and in returns, insurer agrees to pay for medical expenses for a specified limit or sum insured.

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 --

The difference between the cash and the surrender value is that if you surrender your policy (for example, if you choose to cancel and cash out the life insurance policy), you will receive the cash value that has accumulated less any applicable surrender charges; these charges are pre-determined by the life insurance company, and are stipulated in your policy contract.

Note that if you purchase a new life insurance policy or annuity contract subsequent to enrolling in Electronic Delivery, that policy will not automatically be enrolled for Electronic Delivery.

Under current federal tax rules, you generally may take federal income tax - free withdrawals up to your basis (total premiums paid) in the policy or loans from a life insurance policy that is not a Modified Endowment Contract (MEC).

In a nutshell, if your life insurance contract becomes a MEC, you'll lose all the life insurance policy tax benefits that are otherwise available prior to payment the death benefit.

As a bit of background, an annuity is a contract in the same way that a permanent life insurance policy is a contract.

For many it may feel like their permanent life insurance policy or annuity contract is a precious and fragile treasure in their bare hands and the idea of messing with it sends chills down their spine.

In contrast to term insurance, a whole life insurance policy pays the death benefit stipulated in the contract upon the death of the insured, regardless of when it may occuIn contrast to term insurance, a whole life insurance policy pays the death benefit stipulated in the contract upon the death of the insured, regardless of when it may occuin the contract upon the death of the insured, regardless of when it may occur.

Life insurance is a contract between you and a life insurance company to guarantee your survivors a sum of money upon your death, provided that all of the premiums are paid and the policy is still in foLife insurance is a contract between you and a life insurance company to guarantee your survivors a sum of money upon your death, provided that all of the premiums are paid and the policy is still in folife insurance company to guarantee your survivors a sum of money upon your death, provided that all of the premiums are paid and the policy is still in force.

If you fund the contract with more premium than is necessary to keep the policy in force over any seven - year period, the life insurance policy fails the seven - pay test.

Cash value accumulation is normally much stronger in a modified endowment contract than in a life insurance policy.

Cash value life insurance, whether whole life, IUL, or VUL, allows for the tax - free growth of funds in a policy's cash account unless the policy is canceled or surrendered, transferred or assigned to another owner, or the IRS no longer designates the policy a life insurance contract.

In the case of insurance policies, they can provide additional coverage or change the terms of the standard contract to expand what your term life insurance covers.

Just like we saw with whole life insurance, the death benefit works in exactly the same way in that it will be paid to the beneficiary as long as the insured passes away within the dates of the policy, i.e. the contract.

A Life policy at its most basic level is a contract between you and the insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income.

1 Under current federal tax rules, you generally may take income - tax - free partial withdrawals under a life insurance policy that is not a Modified Endowment Contract (MEC) up to your basis in the cContract (MEC) up to your basis in the contractcontract.

The pro of whole life is that the higher price tag can be mitigated by getting this type of life insurance policy at a young age, adding specific riders that maximize the cash value up to, but not crossing the line, of becoming a modified endowment contract MEC, and allowing you to utilize that cash value in as little as 30 days.

A life insurance policy is simply a contract between a life insurance provider and an individual to provide a lump - sum payment, called a death benefit, in exchange for making premium payments to the provider.

With a permanent life insurance contract, you have the flexibility to surrender the policy and supplement your retirement income with the funds that have accumulated in the policy's cash value account.

And here's the bottom line: all life insurance policies promise to pay an agreed - upon sum of money should you die while your policy is in - force (that is, while you're paying your premiums on time and while you're still operating within the terms of your contract).

A life insurance policy is a contract between you and an insurance company that provides your named beneficiaries with a death benefit payout upon your death (if your policy is in good standing).

A Life policy at its most basic level is a contract between you and an insurance company to pay a sum of money to your beneficiaries in the event of your death.

In most states, minors do not have the right to contract, and so can not own stocks, bonds, mutual funds, annuities and life insurance policies.

Split dollar life insurance DEFINITION: a plan that allocates the costs and benefits of a life insurance policy in a specific manner by contract in order to maximize tax advantages for the employer AND employee.

The money that is used to purchase the contract is placed into an escrowed trust account — typically an irrevocable trust — and that money makes premium payments to keep the life insurance policy in force until the insured dies.

Life insurance policy is a contract between the insurers or insurance provider wherein a lump sum amount is promised as a death benefit to the beneficiary in the event of the policyholder

Life insurance policy is a contract between the insurers or insurance provider wherein a lump sum amount is promised as a death benefit to the beneficiary in the event of the policyholder's death, provided the policy was active and the premiums were paid till the insured's death.

In this guest post, Lingke Wang — co-founder of Ovid Life, a technology firm aiming to create a centralized transparent marketplace for life settlements transactions — provides a «Financial Advisor's Guide To Life Settlements» with a detailed review of the life settlement industry, what a life settlement provider is and how life settlements operate, and the mechanics of how an investor evaluates a prospective life settlement contract purchase (which is important to understand for any policyowner who might be selling their life insurance policLife, a technology firm aiming to create a centralized transparent marketplace for life settlements transactions — provides a «Financial Advisor's Guide To Life Settlements» with a detailed review of the life settlement industry, what a life settlement provider is and how life settlements operate, and the mechanics of how an investor evaluates a prospective life settlement contract purchase (which is important to understand for any policyowner who might be selling their life insurance policlife settlements transactions — provides a «Financial Advisor's Guide To Life Settlements» with a detailed review of the life settlement industry, what a life settlement provider is and how life settlements operate, and the mechanics of how an investor evaluates a prospective life settlement contract purchase (which is important to understand for any policyowner who might be selling their life insurance policLife Settlements» with a detailed review of the life settlement industry, what a life settlement provider is and how life settlements operate, and the mechanics of how an investor evaluates a prospective life settlement contract purchase (which is important to understand for any policyowner who might be selling their life insurance policlife settlement industry, what a life settlement provider is and how life settlements operate, and the mechanics of how an investor evaluates a prospective life settlement contract purchase (which is important to understand for any policyowner who might be selling their life insurance policlife settlement provider is and how life settlements operate, and the mechanics of how an investor evaluates a prospective life settlement contract purchase (which is important to understand for any policyowner who might be selling their life insurance policlife settlements operate, and the mechanics of how an investor evaluates a prospective life settlement contract purchase (which is important to understand for any policyowner who might be selling their life insurance policlife settlement contract purchase (which is important to understand for any policyowner who might be selling their life insurance policlife insurance policy!).

215 ILCS 5/143.1: Period of limitation tolled Whenever any policy or contract for insurance (except life, accident and health, fidelity and surety, and ocean marine policies) contains a limitation period in which the insured may bring suit, the running of the period is tolled from the date proof of loss is filed, in the form required by the policy, until the date the claim is denied in whole or in part.

Life Settlements - a contract or agreement in which a policyholder agrees to sell or transfer ownership in all or part of a life insurance policy to a third party for compensation that is less than the expected death benefit of a polLife Settlements - a contract or agreement in which a policyholder agrees to sell or transfer ownership in all or part of a life insurance policy to a third party for compensation that is less than the expected death benefit of a pollife insurance policy to a third party for compensation that is less than the expected death benefit of a policy.

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.

Life insurance (life assurance) is a certain contract between you (the insurance policy owner) and the insurer, according to which the policy owner is paid a reimbursement in case the insured event occurs (i.e. the policy owner's deaLife insurance (life assurance) is a certain contract between you (the insurance policy owner) and the insurer, according to which the policy owner is paid a reimbursement in case the insured event occurs (i.e. the policy owner's dealife assurance) is a certain contract between you (the insurance policy owner) and the insurer, according to which the policy owner is paid a reimbursement in case the insured event occurs (i.e. the policy owner's death).

The terms of the contract are spelled out in the life insurance policy which you will receive when your application is approved.

The main disadvantage of the term life insurance policy is that it expires on the date that is set in the contract.

Avoid Modified Endowment Status: If the subsequent premiums paid into the new policy, other than the exchange proceeds, are within the new 7 - pay limit, then a 1035 Exchange of a life insurance policy allows the policy owner to place the original contract's entire value in the new policy without creating a modified endowment contract, or MEC.

A term life insurance policy covers the policy - holder up to the age specified in the contract.

Single Premium Policy With life insurance and annuities, a contract in which the entire premium is paid in a lump sum at the beginning of the contract period.

A contract holder of a segregated fund, such as a pool of investments tied together in an life insurance policy, pays premiums to an insurance company so that the contract holder will receive an agreed upon sum in the case of loss.

These policies were not in their best interest, they weren't explained, and they locked the life insurance shopper into a long - term contract they did not understand.

Or she could change the beneficiary of the life insurance policy to you some day in the future as that is a right in the contract.

While there are many styles of term insurance, a term life insurance policy is generally a contract that furnishes life insurance protection for a limited time described in the policy.

Because this is a whole life insurance policy, the amount of the premium that is due is also locked in, not to increase — even as the insured gets older, and / or whether or not they contract an adverse health condition.

A Life Insurance Policy is essentially a contract between an insurance holder and an insurance company wherein the parties agree to certain conditions which provide the policyholder a lump - sum amount of money in case of his / hInsurance Policy is essentially a contract between an insurance holder and an insurance company wherein the parties agree to certain conditions which provide the policyholder a lump - sum amount of money in case of his / hinsurance holder and an insurance company wherein the parties agree to certain conditions which provide the policyholder a lump - sum amount of money in case of his / hinsurance company wherein the parties agree to certain conditions which provide the policyholder a lump - sum amount of money in case of his / her death.

A collateral assignment of life insurance is a contract that allows the death benefit of a policy to be used as collateral, this is usually used in business loans (but also equipment, structured settlement buyouts and other loans).

Life settlements are an alternative to the policy surrender and accelerated death benefit options that may be available in your insurance contract.

Surrendering a life insurance policy means that the insurance company will cancel the contract and send any of the cash in the policy to the policy owner.

In the case of insurance policies, they can provide additional coverage or change the terms of the standard contract to expand what your term life insurance covers.