Sentences with phrase «insurance death benefit payments»

Life insurance death benefit payments are not subject to the probate process, which can seriously delay the transfer of funds to an individual's beneficiaries.

Not exact matches

One advantage C corporations have over unincorporated businesses and S corporations is that they may deduct fringe benefits (such as group term life insurance, health and disability insurance, death benefits payments to $ 5,000, and employee medical expenses not paid by insurance) from their taxes as a business expense.

The death benefit and payment plan of any standard whole life insurance policy are set as part of the policy and do not change.

The downside to paid - up whole life insurance policies is that each premium payment is also deducted from the policy's death benefit.

Buying paid - up additions is similar to buying a small single - premium life insurance policy as you increase the policy's cash value and death benefit but don't have ongoing payments.

With term and permanent life insurance, you make premium payments so that in the event of your passing, your loved ones and beneficiaries will receive the death benefit proceeds from the policy.

A death benefit is a payment that the insurance company will make to your beneficiary if you die.

If a partial benefit payment is claimed, the life insurance policy can continue with a reduced death benefit and lower premiums.

The property settlement agreement should specify the policy death benefit amount, the type of life insurance policy, what the policy is intended to secure, and who make the premium payments.

The downside to paid - up whole life insurance policies is that each premium payment is also deducted from the policy's death benefit.

Buying paid - up additions is similar to buying a small single - premium life insurance policy as you increase the policy's cash value and death benefit but don't have ongoing payments.

A return of premium life insurance policy is one where, minus very negligible fees, your premium payments are refunded to you at the end of the term (assuming the death benefit hasn't been paid out, of course).

Payment for the face value of the insurance policy or death benefits, which your beneficiary or beneficiaries will receive after you pass away

Whereas, a life insurance contract is an asset that is designed (at least traditionally) to provide a death benefit to one's estate, an annuity is centered around converting a lump sum payment (or series of payments) into a stream of income for a fixed period (usually for life).

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.

Adding a paid up additions rider or paid - up additional insurance rider allows you to make additional monthly or annual payments into your policy to increase the death benefit and cash value.

Another thing to consider is that a mortgage life insurance policy is often written as a decreasing term policy, so the death benefit decreases over time, (just as your mortgage payoff amount decreases as you pay your monthly mortgage payments), but the premium remains the same over the life of the policy.

In similar fashion to universal life, indexed life insurance allows you to adjust your death benefit, your premium payment, and how often you make payments.

However, thanks to premium offset options, you can continue to make premiums payments or have your dividends pay your life insurance premiums, to further grow your cash value and death benefit to age 100.

However, if your beneficiary receives the life insurance payment as a series of installments, the insurer will typically pay interest on the outstanding death benefit.

Value Enhancement Rider: The VER is a whole life insurance rider that allows you to add additional single or periodic premium payments to your policy to purchase paid up additions, increasing your death benefit and cash value.

As long as your premium payments are made as agreed, your insurance coverage lasts throughout your life, and the death benefit is a guaranteed amount.

When a loved one passes away, the insured's life insurance policy can provide a death benefit that helps family members to pay for medical payments, end - of - life expenses and funeral costs.

Each time you make a premium payment, a portion is put towards the cost of insurance (such as administrative fees and covering the death benefit) and the rest becomes part of the cash value.

That is, you get life insurance with a death benefit, but part of your premium payments fund a cash account that in theory should grow in value over time.

In exchange for premium payments, a life insurance policy provides a tax - advantaged lump - sum payment, known as a death benefit, to the beneficiaries when the insured passes away.

You make payments on the policy and, in return, the insurance company provides a lump - sum payment, also called a death benefit, to the beneficiaries you have chosen upon the death of the insured.

When you make premium payments on a cash - value life insurance policy, one portion of the payment is allotted to the policy's death benefit (based on your age, health and other underwriting factors).

Basically, a universal life insurance policy is a plan that offers the same death benefit as a whole life plan, but with a very flexible payment structure.

The inner - workings of cash value life insurance consists of a life insurance policy, which is a contract between the policy owner, the insured (often the same person), and the insurer, where the insurer agrees to pay a death benefit to the policy's beneficiary, based on the owner continuing to make the policy's premium payments.

Another variable that determines your indexed universal life insurance premium payments is the death benefit option you choose.

The right of a judgment debtor to accelerate payment of part or all of the death benefit or special surrender value under a life insurance policy, as authorized by paragraph one of subsection (a) of one thousand one hundred thirteen of the insurance law [* see below], or to enter into a viatical settlement pursuant to the provisions of article seventy - eight of the insurance law, is exempt from application to the satisfaction of a money judgment.

The term «proceeds and avails», in reference to policies of life insurance, includes death benefits, accelerated payments of the death benefit or accelerated payment of a special surrender value, cash surrender and loan values, premiums waived, and dividends, whether used in reduction of premiums or in whatever manner used or applied, except where the debtor has, after issuance of the policy, elected to receive the dividends in cash.

Depending on the type of permanent life insurance, you can change your premium payment and death benefit.

The Additional Life Insurance Rider (ALIR) allows the owner of the policy to make increased premium payments in order to purchase additional participating paid up life insurance, increasing the policy's death benefit and cash valuInsurance Rider (ALIR) allows the owner of the policy to make increased premium payments in order to purchase additional participating paid up life insurance, increasing the policy's death benefit and cash valuinsurance, increasing the policy's death benefit and cash value growth.

With one lump sum payment, you will have a paid - up death benefit provided by the issuing insurance company that will allow you to pre-fund specific legacy goals with confidence.

If a policy of insurance has been or shall be effected by any person on his own life or upon the life of another person, the policyowner shall be entitled to any accelerated payments of the death benefit or accelerated payment of a special surrender value permitted under such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the policyowner.

Paid - Up Insurance: An insurance policy that does not require future premium payments to provide the death benefit of the insureInsurance: An insurance policy that does not require future premium payments to provide the death benefit of the insureinsurance policy that does not require future premium payments to provide the death benefit of the insured person.

It's important to note that the insurance company will place restrictions regarding the health conditions that qualify for payment under an accelerated death benefit.

If a partial benefit payment is claimed, the life insurance policy can continue with a reduced death benefit and lower premiums.

Universal life insurance provides flexibility, allowing you to adjust premium payments and the death benefit.

Lump sum, where the life insurance company pays the total amount of the benefit in one single payment at the death of the insured

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.

In many cases, life insurance death benefits help beneficiaries cover funeral and burial costs, mortgage payments and day - to - day expenses.

They can use $ 866 to make the first monthly payment of a joint last - to - die universal life insurance policy with a $ 500,000 death benefit (1).

The insurer will disburse a life insurance policy's entire death benefit in one payment directly to the beneficiary.

Universal Life Insurance offers flexible premium payment plans, guaranteed death benefits and tax deferred savings.

In return for a premium payment, an insurance company will pay out a stated amount of tax - free death benefit to a named beneficiary — assuming, of course, the policy is in - force when the insured passes away.

Term life insurance is considered to be the most basic form of coverage, providing a certain amount of death benefit in exchange for a premium payment.

Life insurance goes into effect as soon as you make your first premium payment, meaning you're eligible for the death benefit as soon as the policy is in force.