Sentences with phrase «issue accidental death benefit policy»
Alternatively, if your current health, occupation, or any other factors prevent you from qualifying for a standard life insurance policy, a guaranteed issue accidental death benefit policy can offer some protection over having no insurance at all.
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No medical exam policies like accidental death benefit policies can oftentimes be issued the same day, depending on the insurance company selected.
Graded benefit is a term used largely in final expense and guaranteed issue type policies where the death benefit of the policy is suspended for the first two to three years, unless the death is accidental.
Depending on the company that issued the policy, the accidental death benefit could extend up to 12 months after the accident occurred as long as it was the cause of death.
What this means is if death is to occur within the first two years after policy issue, your death benefit will be limited to your amount of premiums plus 12 % per year, unless in the first 2 years death is accidental, in which case if pays out the full death benefit.
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Issued to persons between ages 40 and 80, its modified whole life product pays an accidental death benefit of 120 % of premiums paid in the first two policy years.
Its quick - issue hybrid - term life policy is composed of one - third term life insurance with the remaining face amount completed by an accidental death benefit.
Please note: Guaranteed issue / approval life policies usually provide accidental death coverage immediately, but they will only pay out the full death benefit if the insured passes away from a medical issue after a two year waiting period.