Sentences with phrase «insured dies the policy»

Not exact matches

When you purchase term life insurance, you agree to pay recurring premiums in return for the commitment by the insurance company to pay a death benefit if the insured happens to die during the term that the insurance policy is in effect.

The trust owns the life insurance policy and collects the death proceeds when the insured dies.

What happens if the proposed insured dies before the policy issue date?

Naturally, a policy buyer would prefer the insured to be elderly, in poor health, with a policy that has low cash value and a high death benefit, because all of these factors might increase the buyer's yield - to - maturity on the policy when you die.

A valid claim includes written evidence that the insured died because of a covered reason while the policy was still in force.

If the insured dies within this term (10, 15, 20, 25, 30, or 35 years), the life insurance company pays a lump sum death benefit to the policy's beneficiaries.

If the insured dies while receiving total disability benefits, the policy pays the basic monthly benefit to the owner or owner's estate for up to three months after the insured's death.

Life insurance companies use classifications to determine how risky you are for them to insure — what are the chances that you'll die over the course of your policy?

When you purchase term life insurance, you agree to pay recurring premiums in return for the commitment by the insurance company to pay a death benefit if the insured happens to die during the term that the insurance policy is in effect.

If no long - term care benefits are paid, then the policy pays out the full death benefit when the insured person dies.

Because your prospective insurance company wants to get an idea of how risky you are to insure — or, to put it bluntly, how likely you are to die during your policy's term.

Term life insurance policies pay a death benefit if the insured person dies within the policy term, such as 10, 20, or 30 years.

With a life insurance policy, if the insured person dies, the life insurance company will pay out a death benefit to the beneficiaries.

If you've insured your life for $ 500,000, this is the face value of your policy — the amount that goes to your beneficiary when you die.

This voluntary protection product, available from CMFG Life Insurance Company through CEFCU, reduces or pays off your insured loan balance up to the policy maximum should you die before the loan is repaid.

This is a policy which insures your payment, namely, covers your payments in the event that you, the borrower, may die or be unemployed, disabled or ill.

These second - to - die life insurance policies will pay out the proceeds following the second of two insureds to pass away.

Which means that if the insured person dies within the first two years of the policy, the company will pay 110 % of premiums paid, but not the payout of the policy.

A term policy covers the insured for a stated period of years and pays a benefit only if the insured dies within that term.

If the insured dies during the time period specified in the policy and the policy is active — or in force — then a death benefit will be paid.

In that policy the premiums are pre-set for a definite number of years, after which the policy remains in force until the insured dies.

The benefit of a hybrid second - to - die long term care life insurance policy is both insureds can qualify for the long - term care.

While having the lowest out - of - pocket outlay of any type of individual life insurance policy, in order to reap a benefit from the policy, the insured must die while the policy is in force.

The policy pays benefits only if the insured dies during the term.

You'll also pick a beneficiary — the person (s) or entity who'll receive the death benefit from your policy if you die while insured.

Second - To - Die Life Insurance: A type of life insurance policy that insures the lives of two people, typically a husband and wife.

The policy may exclude payment of benefits in the event that the insured dies as a result of conditions known to exist at the time the policy was taken.

Immediate (again term usage varies by carriers) benefit means exactly what the term implies: Once approved the full amount of the policy is immediately in force and will be paid in its entirety should the insured die during the policy's active period.

Suicide Clause: A life insurance policy provision that states if the insured dies by suicide within a certain period of time from the date of issue (usually two years) the amount payable would be limited to the total premiums paid minus any policy loans or outstanding premiums.

When the insured person dies, no matter at what age, the policy is paid to their designated beneficiaries.

The top 10 best life insurance policies are true «life» insurance, since the first beneficiary of the policy is you — the insured — during your life, and not only after you have died.

If the insured dies early in the policy's life, the death benefit paid to beneficiaries will be much lower than would be the case if option A was chosen.

The trust owns the life insurance policy and collects the death proceeds when the insured dies.

A policy originally issued for $ 50,000 with a $ 500 annual premium, provides a $ 50,000 death benefit when the insured dies.

As long as the premium is paid, a permanent policy only terminates when the insured dies or if the owner surrenders the policy.

This type of life insurance policy allows those with disposable cash to pay a lump sum into a life policy for a death benefit that will be paid up until the insured dies.

The payment a policy's beneficiaries receive when the insured dies.

The higher a risk you are to insure, the more likely you'll die during the term of your policy, and the higher your premiums are going to be.

Their goal is to figure out how risky you are to insure — how likely you are to die during the course of your policy.

When the insured dies, the policy pays a death benefit.

1 Such loans increase the chance a policy will lapse, reduce the ultimate death benefit, and could result in a tax liability if the insured dies before the loan is repaid.

Just like with other types of permanent life insurance policies, cash can be withdrawn or borrowed from the policy, however, an unpaid balance will be charged against the death benefit should the insured die prior to the money being repaid.

If the insured dies, the policy pays a death benefit, up to the policy limit, that could help the company bridge any financial gaps created by the loss while the survivors decide how to proceed.

In such a case, the joint insurance policy would pay a death benefit after the last insured dies.

The low rate for high coverage reflects the very low risk that the insured was actually going to die during the length of time the policy was in force.

The trade - off is that you are guaranteed a substantial death benefit for the heirs when both insured individuals die, and there is no worry about the policy lapsing.

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.

If your policy death benefit is $ 1 million, and the insured dies, the death benefit is paid in entirety to the beneficiary tax - free.

The amount of money paid or due to be paid when a person insured under a life insurance policy dies, after adjustments for any outstanding policy loans, dividends, paid - up additions or late premium payments (if applicable) are made.

If the insured dies during underwriting, the death benefit will be paid if he / she is shown to qualify for the policy applied for.