Sentences with phrase «insured until death»

A life insurance policy that covers the insured until death rather than a specific number of years.

A life insurance policy that covers the insured until death rather than a specific number of years.

Not exact matches

Once you complete the 10th Policy year, you will start receiving an annual payout until maturity or death of Life Insured, whichever is earlier, subject to policy being in force.

At that point, your insurance is paid up, meaning you no longer have to pay any premiums, but the sum insured remains in force until your death.

Loans taken will be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse, and is not a MEC.

You can access cash value, through loans and withdrawals, potentially free of current income tax as long as the policy stays in force until the Insured's death.

Loans taken will be free of current income tax as long as the policy remains in effect until the Insured's death, does not lapse, and is not a Modified Endowment Contract.

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.

Some insurance companies allow the insured / owner to delay receipt of the matured death benefit until their passing to avoid any taxable gain.

The policy can be used to provide coverage for a limited time like term insurance or permanently, until the death of the insured, like whole life.

Unfortunately, many people wait to insure themselves until they have a life scare, such as a heart attack that forces them to think about death.

Under current federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or matures, and is not a modified endowment contract.

Under current federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or mature, and is not a modified endowment contract.

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.

Level Premium Whole Life Insurance (sometimes referred to as «ordinary whole life») provides a lifetime death benefit and level premiums for the life of the policy (until the death of the insured).

Some insurance companies allow the insured / owner to delay receipt of the matured death benefit until their death, to avoid any taxable gains.

Accelerated Access Solution: if the insured suffers from a qualifying chronic illness, this life insurance rider will provide monthly payments until the death benefit has been exhausted.

With permanent life insurance, this is an important option because it lasts until the death of the insured.

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.

However — the gift tax is not paid until after the death of the insured.

Misstatement of Age If the age of the insured is misstated and is not discovered until death of the insured, the insurance company has the contractual right to adjust the death benefit to reflect the face amount that would have been paid with the corrected age and actual premiums paid.

The policy can be used to provide coverage for a limited time like term insurance or permanently, until the death of the insured, like whole life.

Since the policies are being purchased as investments and will be kept active until the death of the insured, age requirements are at minimum individuals over 65 with some degree of health history.

Annuity plans necessitate the insurer to pay the insured income at regular intervals until his death or till maturity of the plan.

The policy can be used to provide coverage permanently *, until the death of the insured, like whole life.

Assuming required premiums are paid on time, a whole life policy continues until the death of the insured.

Beyond that, premiums are no longer required and coverage remains in force until the death of the insured.

Essentially, if the insured were to die in the first few years of the policy, the policy's beneficiary would receive all the premiums that were paid, plus earned interest, but the beneficiary would not receive the policy's death benefit until the waiting period has ended.

On insured's death, the benefit payable is defined as higher of 10 times the annualized premium or the base Sum Assured with a minimum benefit of 105 % of premiums paid until death

A survivorship life insurance policy is one which where the death benefit is spread across more than one life; it is also called second - to - die life insurance because it does not pay out until after both insureds have passed.

Under this arrangement, you deposit your payment for funeral arrangements into a federally insured bank until your death.

These policy loans are available until the insured's death.

This is used primarily for the transfer of wealth, like estate planning or planned giving, and won't pay a death benefit until both insured's have passed.

The financial enterprises that purchase life settlements will maintain such policies until the insured's death.

Additional Benefits: For the simplified issue term to 100 product, the insured can expect level premiums and death benefits all the way until age 100 as long as they keep their premiums up to date, with included critical illness benefits on top of it.

If the age of the insured is misstated and is not discovered until death of the insured, the insurance company has the contractual right to adjust the death benefit to reflect the face amount that would have been paid with the corrected age and actual premiums paid.

Some insurers allow the deferral of matured values until the insured's actual death.

After the time has elapsed, policy holders have the option of keeping the coverage as an annually renewable plan, which provides a level amount of death benefit until the insured turns age 98.

Whole Life Insurance — Whole life is a type of permanent life insurance that is intended to stay in force throughout the «whole» life of the insured, or until the policy pays out the proceeds at the insured's death.

This receipt does not provide absolute interim insurance (during underwriting) until the company acts on the application, but stipulates that the company will assume the risk of the death of the insured after the date of the application if it later approves the application or, more frequently, if the insured meets with the company's rules of insurability for the plan applied for as of the date of the application.

The appeal of such transactions is that, where the original policyowner has had an adverse change in health since the policy was originally issued, a third - party buyer may be willing to pay more for the policy — and hold it until the death of the original insured — than the insurance company is willing to offer as a cash surrender value.

The policy can not be cancelled by the insurance company as long as your premiums are paid and remains in effect until the death of the insured person.

Guaranteed Annual Payouts — once the 10th policy year is completed, you will begin receiving yearly payouts until maturity or death of the Life insured (whichever is earlier)

First and foremost, and it is probably obvious to all, the major con of survivorship life insurance is that there isn't any death benefit until both insured parties have died.

Under current tax codes life insurance cash values grow tax deferred and policy loans are tax free and do not have to be repaid as long as the policy remains in force until the insured's death.

The first approach for a life insurance policy loan rescue is to restructure the policy and its key components, in an effort to help the policy survive longer (i.e., until the insured dies and the policy loan can be repaid tax - free from the death benefit).

Life Coverage: Whole life plan provides coverage until the death of the life assured.The insured is covered against the risk of death for his entire life or up to the age of 100 years.

Funded with after tax dollars, the life insurance contract's value will grow tax deferred until death of the insured, in which case the entire amount can be handed down free of any taxes to the next generation.

If an insured has been confined to a nursing home for 90 consecutive days and is expected to remain confined until death (requirements can vary by state)

Loans taken will be free of current income tax as long as the policy remains in effect until the last surviving Insured's death, does not lapse, and is not an MEC (the exemption does not apply to non-natural owners).