Sentences with phrase «lapsed rider policy»

Not exact matches

In addition, loans and partial withdrawals may cause certain policy benefits or riders to become unavailable and may increase the chance your policy may lapse.

The overloan protection benefit rider protects your policy from lapsing in the event that your life insurance loan exceeds a certain threshold.

The main point of this rider is that it protects you in your old age from taking out a loan and not being able to repay it, resulting in your policy lapsing, creating adverse tax consequences.

Overloan Protection Rider — no cost optional rider that protects the policy from lapsing when a policy loan exceeds the accumulated value.

You can mitigate this risk by electing the No Lapse Guarantee Rider on the universal life policy you choose.This rider ensures that if you fund the policy at a premium level required to maintain the guarantee, the policy will not lapse, even if the cash surrender value is not sufficient to cover the policy's monthly charges.

3 Failure to satisfy the Cumulative Required NLGR Monthly Premium Test will cause the rider and the guarantee to become inactive, and increase the potential that the policy may lapse for insufficient cash surrender value.

New York Life is known for offering a solid whole life insurance product; however, we found that they are also striving to offer solid universal life policies complete with a number of life insurance riders such as «no lapse» and «living benefits».

Waiver of monthly deductions rider — This rider will pay your monthly premium for a certain period of time to prevent policy lapse in case of inability to pay due to disability.

The only way to maintain guaranteed level premiums and a level death benefits for life is to purchase whole life or a universal life policy with a guaranteed no lapse rider.

Most permanent life insurance policies are not guaranteed, unless the illustration and contract specifically include a no lapse rider.

While a universal life with no lapse rider can build up some cash value, it really isn't designed to build up significant cash value the same way a whole life policy is designed.

Alternatively, you may want to add a no lapse guarantee rider to your policy for whatever length you MUST have the policy in force, to ensure the premiums and the death benefit stays level for that period.

Guaranteed universal life insurance definition: a type of permanent life insurance that offers a guaranteed no lapse rider guaranteeing the policy remains in force even if the cash value drops to zero.

If an overloan lapse protection rider is active on your life insurance policy, you can take loans and withdrawals without fear of your policy lapsing.

Remember that riders come with a base policy — in case the base policy is discontinued, the rider will lapse too.

While the qualifications of disability to trigger this rider will vary according to insurer, it can be particularly important to making sure your policy doesn't lapse and your family continues to have financial coverage.

Some companies offer a universal life policy short «no lapse guarantee» duration riders, such as for 10, 15, or 20 years.

Six states — Kentucky, Maine, New Hampshire, Oregon, Washington and Wisconsin — have already passed various versions of a life insurance disclosure requirement, legally mandating that insurance carriers notify seniors in certain circumstances of the alternatives to lapse or surrender of their policy (e.g., accelerated death benefit or available riders, assignment of policy as a gift, life settlement, policy replacement, etc.).

Automatically included at policy issue, this rider protects your policy from lapsing due to excessive indebtedness by providing a guaranteed paid - up benefit (provided qualifications are met and the rider is exercised according to the rider terms).

The trick is to ONLY buy a universal life policy with a «no lapse guarantee» rider, or some companies call it a «guaranteed no lapse» rider, or «coverage protection guarantee.»

And, the life paid up rider offers protection against potential lapse of the policy due to over-loan.

Usually in the absence of this rider, due to loss of income or any disability, your policy lapses due to non-payment of the premiums on time.

New York Life is known for offering a solid whole life insurance product; however, we found that they are also striving to offer solid universal life policies complete with a number of life insurance riders such as «no lapse» and «living benefits».

You can revive your lapsed or Paid - up policy and the riders for its full coverage within 2 years from the due date of the first unpaid premium but before policy maturity, by paying all outstanding premiums together with the interest, as declared by us from time to time.

No - lapse guarantee rider: A rider sometimes offered with a universal life insurance policy that guarantees that the policy will never lapse, and the death benefit and premiums will never rise, even if the cash value of the policy falls to zero, provided that premiums are paid when due.

Policy Lapse: If the insurance premium remains unpaid during the grace period in the first 3 policy years, the insurance policy lapses (together with riders) from the due date of the unpaid prPolicy Lapse: If the insurance premium remains unpaid during the grace period in the first 3 policy years, the insurance policy lapses (together with riders) from the due date of the unpaid prpolicy years, the insurance policy lapses (together with riders) from the due date of the unpaid prpolicy lapses (together with riders) from the due date of the unpaid premium.

• Waiver of premium rider: This rider prevents the policy from getting lapsed in case the policy holder fails to pay regular premiums due to some reason.

However, this lifeline comes with a rider that you can not make a claim if something were to happen to you during this interim period when your policy is in lapsed state, which means you will have to clear all medical bills and hospitalization expenses out of your own pocket.

If the chosen policy term is 14 years, and the insured does not pay premiums for first 2 years, then the policy shall lapse at the end of the grace period and the insurance cover with rider benefits will cease automatically.

But if you already have the Waiver of premium rider added to your basic policy, the policy will be saved from being lapsed.

The overloan protection benefit rider protects your policy from lapsing in the event that your life insurance loan exceeds a certain threshold.

The main point of this rider is that it protects you in your old age from taking out a loan and not being able to repay it, resulting in your policy lapsing, creating adverse tax consequences.

Overloan Protection Rider — no cost optional rider that protects the policy from lapsing when a policy loan exceeds the accumulated value.

The rider allows the insurance company to work in conjunction with you to prevent more cash from being borrowed against the policy, thereby preventing a lapse.

Your life insurance policy may lapse, leaving you uninsured for life insurance — unless you have a waiver of premium rider on your policy.

There are also additional riders built into some universal life policies that guarantees the policy will not lapse if certain conditions are met.

Overloan Protection Rider: This rider can help prevent your policy to lapse because of an outstanding policy loan.