Sentences with phrase «insurance during the policy year»

Not exact matches

No medical exam life insurance policies usually have no waiting period, but the company will investigate the circumstances of your death if it occurs during the first two years of coverage.

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 --

By purchasing a 20 year term life insurance policy during this time in your life, you can be certain your financial responsibilities will be covered if you were to pass away.

In a term life insurance policy, you pay an annual premium that covers the risk of death during that year.

During the first few years after my surgery, I ran my medications through my insurance policy to take advantage of the coverage they provided.

Another thing you should do that can save you time during the actual process, is to have copies of pay stubs, two year's worth of tax returns, bank statements, other assets like stock, bond or life insurance policy as well as information on your outstanding debts.

No medical exam life insurance policies usually have no waiting period, but the company will investigate the circumstances of your death if it occurs during the first two years of coverage.

If you lie when completing your life insurance application and your insurance company becomes aware of this for any reason during the initial waiting period (typically two years), your insurer has the right to void your policy.

This is important because the cost of a life insurance policy is correlated to the number of years it lasts, since you're more likely to pass away during the period of coverage.

Although not guaranteed, most participating whole life insurance policies from mutual insurance companies have paid dividends year in and year out for over a hundred years, even during the Great Depression.

Convertible term life insurance is simply a term policy that can be converted to a whole policy at any point during a specified period of time (typically several years) without you having to undergo a new health assessment.

During the first 10 to 20 years of coverage, a whole life insurance policy's cash value is quite small due to fees and the cost of coverage.

This type of policy will pay out only a very limited benefit during the first few years the policy is in force, and then convert to a fully payable term life insurance policy for the remainder of the term.

They may also add a smaller whole life insurance rider (policy option) which can provide lifetime coverage during retirement years.

The strategy initially involves the purchase of a universal life insurance policy during your income earning years.

Many things can happen during the lifespan of the policy, and while your mortgage insurance company may be doing well now it could be a different scenario 20 years down the line.

Life insurance policies have a two - year clause, or contestability period, during which companies can contest a payout.

If you were to die during the first few years of the policy, most life insurance companies will generally issue a refund of your premiums to your beneficiaries in lieu of the actual death benefit.

For example, if your policy has an out - of - pocket max of $ 30,000 for one year, anything over $ 30,000 is covered by insurance during that plan year.

There is no cash value with a term insurance policy but when you get term life insurance quotes, the insurance company guarantees they will not increase the price you pay during this level term period (10, 15, 20, 25, or 30 years) to protect your loved ones.

Some insurance contracts only allow «conversion» in the first few years of the policy, while others allow it at any point during the term.

Most policies have a 2 - year contestability period, which means during the first two years after buying life insurance, if it is found your insurance policy was issued under misrepresentation, withholding of information by the insured or the owner, or similar reasons, the insurance company can declare your insurance policy and any associated riders void.

I feel that the traditional insurance products gives an insurance coverage even during the policy period and still if the investor is alive, he gets extra amount in form of Bonus + FAB which comes closer to 6 - 7 % which is an excellent option for long term (> 15 years) right whereas Term insurance is only till certain time or else the entire amount gets wasted..

Top up for Exide Life Golden Years and IDBI Federal Growth Insurance premiums, is an extra amount of money that you can pay at any time during the policy term.

Seven - Pay Test This is the maximum annual premium that can be paid during the first seven policy years (or after a material change) without causing a cash value life insurance policy to become a Modified Endowment Contract (a MEC).

Graded death benefit describes how a life insurance policy will not pay out if the applicants death occurs during the first two or three years from when the policy was initially placed in force.

When you have CHF, the best case scenario is a funeral insurance policy that will partially cover you during the first two years.

Some insurance contracts only allow «conversion» in the first few years of the policy, while others allow it at any point during the term.

The time period during the insurance company can cancel or rescind the policy, typically two years, if the application contained misrepresentation.

If you want life insurance as a nurse to cover you only during their working years, a term policy would be an ideal choice.

Mind that the policy term does not extend beyond the period during which the key person remains valuable and useful for the business, usually they are 10 - or 20 - year term insurance policies.

2 During the first two years, New York Life reserves the right to cancel your insurance policy if your enrollment form contains misrepresentations concerning your medical history.

If the life insurance premium has been paid for a minimum term of two years, and if the insured dies during the term of the life insurance policy.

Term life insurance assumes the risk that the policyholder will die during the policy's term - typically between 10 and 30 years and, therefore, the premiums remain the same throughout the entire term of the policy.

With level term life insurance, in which your premiums remain fixed during the initial policy term, «you overpay in early years, and you're effectively underpaying in later years,» Witt says.

If you lie when completing your life insurance application and your insurance company becomes aware of this for any reason during the initial waiting period (typically two years), your insurer has the right to void your policy.

Modified Premium Whole Life Insurance: It is like traditional versions, but you can alter the premium payments during the first few years of the policy.

Life insurance policies have a two - year «contestability period,» during which the life insurance company can refute a life insurance claim, or can drop the policy if the insured is found to have misrepresented anything from health status to a risky lifestyle, certain health habits such as smoking or severe depression.

A term life insurance policy provides one of the easiest, most cost - effective ways to help protect your family financially during the years they need it most.

There isn't enough information for me to know why the insurance was purchased on the child, but hopefully it was to protect the child's interests later in life rather than a «benefit» to the owner / beneficiary of the policy if the child dies during their formative years.

The life insurance industry that was awash with sales of unit - linked insurance plans (Ulips) during the boom years of 2005 - 08, is now witnessing an unprecedented surge in unclaimed policies.

Let's say you purchase a 5 - year decreasing term insurance policy with a payout of $ 10,000 during the first year.

These policies combine the benefits of insurance coverage with an investment or savings component, building cash values that you could draw on for financial security during your retirement years.

Every single no questions life insurance policy (this applies to every company offering this kind of plan) will always impose a death benefit restriction during the first 2 - 3 years of the policy (it's 2 years with most companies).

The premium that is paid for a one year life insurance policy would be based on the actual probability that the person who has the insurance would die during the year that the term lasts.

For Pet insurance, the excess must be paid by you for each illness or injury that is treated during the Policy Year.

A: During the first 2 years of every life insurance policy there is a contractual clause known as the contestability period.

If you were to die during the first few years of the policy, most life insurance companies will generally issue a refund of your premiums to your beneficiaries in lieu of the actual death benefit.

Sure, it adds a little time, but the contestability period for life insurance — the period during which the insurer can cancel your policy if they find any misrepresentations — is typically two years.

Contestable Clause All insurance companies have a period of two years from the policy issue date during which statements made on the application can be challenged for misstatement should death occur within that period.