Sentences with phrase «insured person passes»

A whole life policy is one that does not expire and will remain in effect until the policy matures or the insured person passes away, as long as the premiums are kept up to date.

The death benefit is not paid out until the second insured person passes away.

If the insured person passes away before being insured for at least two years, your beneficiary will only receive a portion of the death benefits, not the full coverage amount.

Life insurance companies provide the assured sum to the family member when the insured person passes away within the term of the policy or on the maturity of the policy as mentioned in the terms and condition of the policy.

Certain plans will waive off the entire premium to be paid during the policy tenure if the insured person passes away.

The beneficiary makes a claim to the insurer on the life insurance policy when the insured person passes away.

If the insured person passes away during the policy term, the beneficiary is entitled to the insured sum, but, if the person survives the policy cover period, then survival benefits are not given to the beneficiary.

If the owner wishes to surrender the policy before the insured person passes away, any cash value is paid to the owner.

In its basic sense, life insurance is a contract between an insurance company and an insured person that is designed to provide money if the insured person passes away.

The owner is able to sell a policy for a percentage of the policies face value to a third party, before the insured person passes away.

These forms of permanent life insurance can all give the owner access to cash by being surrendered, loaned against, or having cash withdrawn before the insured person passes away.

An insured person is named in the policy, and if the insured person passes away any life insurance policy will pay out a claim (as long as payments and all other stipulations of the policy have been met).

If the insured person passes away (an income earning person), the policy will pay out the face value, regardless of the amount of cash which has accumulated.

Senior life insurance plans provide much needed protection in case the insured person passes away.

In general, a typical life insurance plan helps the family with a lump sum amount to take care of the funeral costs, pay the loans and bear the daily expenses, in case the insured person passes away.

When the insured person passes away, it presumably leaves behind a family or beneficiaries who will gain from the policyholder's insurance policy.

An ordinary Ulip stops if the insured person passes away.

fails to change beneficiary per insured person request and insured person passes away what could I possible do about I talk to the agent and she doesn't understand why it isn't in system file also spoke with person at insurance company they told me to get agent and have her find the paper work where changes were made

If the last insured person passes away, the beneficiary receives the proceeds from the insurance bond tax free.

Therefore, should the insured person pass away when the insurance policy is in force, the named beneficiary will receive the proceeds for the purpose of paying the insured's final expense costs.

Therefore, should the insured person pass away when the insurance policy is in force, the named beneficiary will receive the proceeds for the purpose of paying the insured's final expense costs.

If you need money and you have a life insurance policy with a cash value, there are way to get the cash from the policy without the insured person passing away.

Essentially a life insurance contract which becomes a MEC is treated like a non qualified annuity by the IRS for taxation purposes prior to the insured persons passing.

The longer the length of coverage, the more expensive the annual premium generally is because the risk of the insured person passing away during the coverage period increases with time.

In the eventuality of the insured person passing away, their legal nominees get the full sum assured amount.

With second to die life insurance, two people are insured, and the life insurance policy does not pay a death benefit until both insured people pass away.

A Second - to - die insurance policy, also known as survivorship life insurance, covers two individuals, which is usually the parents of a special needs child, and pays out as a lump sum when both insured people pass away.

Not exact matches

This essential financial tool can allow a person's loved ones to pay off debts such as a home mortgage or credit card debt should the insured pass away.

As a result, city councils pass laws regulating dogs as nuisances, insurance companies decline to insure some breeds, and people become afraid of certain breeds or of medium - to - large dogs in general.

One key point to make here is that if two or more primary beneficiaries are selected, and one or more of them is dead upon the passing of the insured person, the money will be distributed to the remaining primary beneficiaries, rather than any of the funds going to the secondary beneficiaries.

When purchasing a policy for a 20 or 30 year term to cover a mortgage or refinance loan, if the insured person does not pass away during that term, the lump sum paid back can be used toward any remaining debt on the mortgage.

Many people «assume the only time a policy is worth something is when the insured passes away,» says Darwin Bayston, president and chief executive officer of the Life Insurance Settlement Association.

With a standard term life insurance policy, any premiums paid will not be returned if the insured person does not pass during the insured term.

This option, when available, includes a provision which returns 10 percent of the premiums paid if the insured person does not pass during the insured term.

While a first to die joint life policy pays out upon the death of the first covered person, a second to die life insurance policy will not pay out benefits until both of the insureds have passed on.

In the event of the passing away of the person insured, the nominee receives the Sum Assured plus Guaranteed Additions as part of the Death Benefit.

In the event of the passing away of the person insured, the nominee receives the Death Sum Assured plus Accrued Reversionary Bonus.

If the person whose life is insured passes way during the payout period, the nominee receives the balance outstanding payouts.

Most people purchase life insurance for the purpose of protecting loved ones from a potential financial loss if an insured individual should pass away.

A life insurance policy beneficiary is the person or the entity that will receive the policy's death benefit proceeds upon the passing of the insured.

If the person insured passes away, the nominee / appointee receives the Death Benefit immediately, and all future pending premiums are waived off.

That is, if the person whose life is insured passes away, the family will not only be paid the policy cover, but also a monthly income to make up for the loss of income generated by the death.

This bit of terminology simply refers to the amount that the policy will pay out in the event that the person being insured were to pass away.

The insurance company promises to pay out a death benefit upon the passing of the insured person.

If the person who is insured passes away during the time that their policy covers, then their beneficiaries receive a death benefit (monetary sum).

This will ensure that the sum insured is passed to the person he or she intends to rather than legal heirs getting locked in a battle for the money.

Most insurance companies will not insure people aged 80 and over without self - benefitting conditions, caveats or extra cost passed on to the policy owner.

If the hypothetical family of the insured is not entitled to the death benefit of a life insurance policy and the hypothetical person passes away, they now are stuck paying for a very expensive burial process, paying taxes on the remaining estate, and dealing with maintaining their lifestyle and providing for their well being.

This means that generally speaking an insured person can pass along money to heirs without incurring any additional taxes based upon life insurance proceeds.

Every year the company can expect a certain percentage of their insured persons to pass away, resulting in death claims.