Sentences with phrase «insured on a term life policy»

Once the term of coverage has elapsed, the insured on a term life policy will need to obtain a new policy if he or she wants to remain insured.

Not exact matches

Maturity Benefit: In case the Life Insured survives till the maturity of the Policy and all premiums are duly paid, then the Maturity benefit shall be paid as Sum Assured on Maturity to the policyholder for all premium payment term and policy Policy and all premiums are duly paid, then the Maturity benefit shall be paid as Sum Assured on Maturity to the policyholder for all premium payment term and policy policy terms.

and Sum Assured on Maturity as Maturity benefit at the end of the Policy term in case the Life Insured survives till that period and all premiums have been duly paid.

Term life insurance is defined as a contract between the owner of the policy and the insurer, for a policy on the life of the insured, whereupon the insured's death, the insurer pays a lump sum death benefit to the beneficiary.

With term life, you have to remember to plan on converting the policy or self insure.

Re-Entry: A policy provision that allows an insured to renew their term life insurance policy at the end of the term based on their attained age and health status.

With this policy, the policy owner does have the option of converting the term life insurance policy over to a new permanent life insurance certificate — without having to prove evidence of his or her insurability — until the earlier of the certificate anniversary on which the insured is age 65, or 5 years prior to the end of the initial term period.

In the event of death of the Life Insured during the Policy Term, subject to the policy being in force, the Death Benefit payable shall be equal to the Sum Assured on Policy Term, subject to the policy being in force, the Death Benefit payable shall be equal to the Sum Assured on policy being in force, the Death Benefit payable shall be equal to the Sum Assured on death.

Death Benefit: In case of death of the Life Insured during the policy term, the sum assured on death will be paid to the nominee which is highest of:

In case of death of the Life Insured during the Policy Term, the Sum Assured on Death will be payable to the Nominee or the Policyholder as the case may be, subject to Policy being in force.

While initial premiums are higher than with a typical term policy, it is possible for coverage to continue until death of the insured, and cash value may accrue in the policy on a tax - deferred basis that can be used to help meet financial needs during your life.

When an insured is required to re-qualify for term life insurance at their then - current age, the quote at that time will typically be much higher than it was on the original policy.

Minimum variable premium for Aviva Corporate Life Plus is Not Mentioned and minimum variable premium for IDBI Federal Loansurance Group Insurance Plan is Depends on age of the insured, policy term, gender and sum assured..

Children's Insurance Rider Provides level term insurance on both current and future children of the insured that can be converted to a permanent life insurance policy.

That is because with term life insurance, the insured is protected with a death benefit, and there are no other «bells and whistles» included on the policy, such as a cash or savings component.

Re-Entry: A policy provision that allows an insured to renew their term life insurance policy at the end of the term based on their attained age and health status.

With the waiver of premium rider, the premium payments on the term life insurance policy would be waived if the insured were to become totally disabled — as defined in this rider.

Accessing your medical information allows your life insurance company's underwriters to estimate how much risk they are taking on by insuring you and most term life insurance policies will require you to take a medical exam.

Typically when you apply for life insurance, you go through the full underwriting process, where you'll be classified based on how risky you are to insure (that is, how likely you are to die during the life insurance policy's term).

Being a pure Term Insurance Plan, no benefit will be payable to the life insured on maturity of this LIC term plan if he or she survives the entire duration of the poTerm Insurance Plan, no benefit will be payable to the life insured on maturity of this LIC term plan if he or she survives the entire duration of the poterm plan if he or she survives the entire duration of the policy

Also called classifications, a life insurance rating is essentially a measurement of how risky you are to insure, based on how likely you are to die during your policy's term.

Children's term rider (or children's insurance benefit)- An optional policy rider that provides level term insurance on children or the lives of the primary insured.

Term life insurance is a less expensive life insurance option and a good choice when you are on a budget because it is temporary and only pays a death benefit to beneficiaries of the policy if the insured dies during the limited term of the polTerm life insurance is a less expensive life insurance option and a good choice when you are on a budget because it is temporary and only pays a death benefit to beneficiaries of the policy if the insured dies during the limited term of the polterm of the policy.

Then, after the time expires, the policy will renew on an annual term life insurance basis until the insured turns age 95.

You see, term life insurance is called «term» because the policy (i.e. the contract between the owner and the insurer on the life of the insured) ends upon the specified timetable in the contract.

If you choose term life, you should self - insure by the end of the policy or plan on taking out a new policy.

However, once that period has elapsed, then the term life insurance will expire — and, if an insured would like to continue having life insurance, then he or she must then either obtain another policy, pay higher premiums on the current term policy, or convert the term policy over to a permanent form of coverage.

1If requested prior to the earlier of the end of the initial term period or the policy anniversary following the insured's 75th birthday, the policyowner can convert the term policy to the permanent life insurance policy that we make available for conversion on that date in the policy's state of issue.

Roughly assuming that whole life insurance is about 8 to 12 times the cost of a comparable 20 year term policy, the left over money NOT SPENT on a whole life policy allows the insured to save a huge amount of money in 401Ks, Roths, HSAs, Saving Accounts, and by paying down their mortgage early.

For those who have shorter term coverage needs, and / or a limited amount of money to spend on life insurance premiums, a term life insurance policy could very well be the best alternative — especially one that has the option of being converted over into a permanent policy in the future, regardless of the insured's health condition.

The payouts from term life policies are almost always tax - free, except in situations where the person being insured, the policy's owner, and the beneficiary of the policy are all different people (agents refer to this type of arrangement as the «unholy trinity» or the «Goodman Triangle,» based on the court case that established this rule), or if they would put your estate over the estate tax threshold.

Available on a few life insurance policies, this is one of the disability riders for term insurance that will pay the policy owner a monthly income should whoever is insured under the rider be unable to work due to sickness or injury.

The Principal offers this feature on many of its term life insurance policies — and the insured will not need to provide additional evidence of insurability.

In this case, while the insured is allowed to renew the insurance policy, the amount of the premium on the new term life insurance policy will likely increase.

Products — Columbian has a wide selection of life insurance products including their popular final expense policy that allows for a rider of level term insurance on the insured's children, grandchildren or great grandchildren.

An optional add - on to a life insurance policy that gives the insured the ability to convert all or part of their term life insurance coverage into a permanent policy without additional medical exam.

If the life insured opts for an increase in cover, additional premium will be calculated on the increased sum assured and outstanding policy term.

Max Life Online Term Plan Plus is a pure term plan that provides only death benefit on death of Life Insured, provided the policy is in foTerm Plan Plus is a pure term plan that provides only death benefit on death of Life Insured, provided the policy is in foterm plan that provides only death benefit on death of Life Insured, provided the policy is in force.

Term life policies are temporary and only cover the insured individual (s) on the policy for the duration of the term period, which can be as little as 3 months and as long as 5, 10, 15, 20, 25 or 30 yeTerm life policies are temporary and only cover the insured individual (s) on the policy for the duration of the term period, which can be as little as 3 months and as long as 5, 10, 15, 20, 25 or 30 yeterm period, which can be as little as 3 months and as long as 5, 10, 15, 20, 25 or 30 years.

Return of premium life insurance is a type of coverage that will return the premiums that were paid in for the coverage if the insured on the policy survives throughout the entire «term,» or time period, of the policy.

Family Income Benefit (FIB)-- An amount equal to 10 % of the Sum Assured will be paid on each Policy anniversary following or coinciding with the Date of Death of the Life Insured till the end of the Policy Term, but not exceeding 10 such installmentsa

With this policy, the policy owner does have the option of converting the term life insurance policy over to a new permanent life insurance certificate — without having to prove evidence of his or her insurability — until the earlier of the certificate anniversary on which the insured is age 65, or 5 years prior to the end of the initial term period.

The advantage of conversion term life insurance is you can get insured at a relatively low cost depending on your age and health that can be converted to a superior whole life or universal life policy at a later time, with no evidence of insurability required, i.e. no health questions or medical exam.

It not only offers you protection coverage but also has the benefit of return of premium payment at the end of the policy term, on the survival of the life insured.

The coverage of the term insurance is nullified if the life insured ends his / her own life or we can say if he / she commits suicide within 12 months from the date the policy was issued on and comes into action.

Being a pure Term Insurance Plan, no benefit will be payable to the life insured on maturity if he or she survives the entire duration of the ICICI term insurance polTerm Insurance Plan, no benefit will be payable to the life insured on maturity if he or she survives the entire duration of the ICICI term insurance polterm insurance policy.

The Sum Assured on maturity is subject to one's age when the life was insured and is payable only on one's survival at the end of the policy term.

Reversionary Bonus: This bonus is declared at the end of each year by a life insurance company for its various policies and added on to the total sum payable to the insured party on the maturity of the policy or to his or her nominees in case the insured does not survive the term of the policy.

The reduced Paid Up value is payable on the policy maturity date or on the demise of the Life Insured, before the end of the policy term.

Riders stand for an additional benefit that an insured can acquire together with the anticipated term, endowment, whole life or any other plan on both non-ULIP and Unit - Linked Insurance Policy (ULIP) platforms.