Sentences with phrase «last insured dies»

In such a case, the joint insurance policy would pay a death benefit after the last insured dies.

Not exact matches

«Currently insured» means you have acquired at least six quarters of coverage during the last thirteen - quarter period when you either died or became eligible for disability benefits.

Simply put, second to die or survivorship life insurance differs from all the other types of life insurance because it insures the lives of two people AND only pays a death benefit upon the death of the last survivor.

Other configurations include joint last - to - die, where the death benefit is only paid on the last death of 2 or more insureds.

Another use of joint last - to - die life insurance is when employing the insured annuity strategy.

First, the fact that they are both permanent life insurance products means that they are intended to last until the insured dies.

The death benefit is paid to the beneficiary if the insured person dies during the one year period of time in which they term lasts for.

The death benefit would be paid by the insurance company if the insured died during the one - year term, while no benefit is paid if the insured dies one day after the last day of the one - year term.

Joint Life, Last Survivor with Return of Purchase Price - Retirement pension can be received by the insured till he / she dies and after that till the demise of the insured or the last surviLast Survivor with Return of Purchase Price - Retirement pension can be received by the insured till he / she dies and after that till the demise of the insured or the last survilast survivor.

Whole life insurance lasts until the insured dies.

A less popular structure you will see is Survivorship Universal Life Insurance and it looks very similar to a Joint Universal Life Insurance, but is a «last to die» policy and only pays out when both insured parties die.

Term life insurance is not permanent, and insurance companies calculate that the chances of an insured person dying during the policy's active years is lower if the insurance will only last for a limited amount of years.

Specifically, West Coast Life provides term and term - like life insurance, which provide protection for a certain period of time, universal life insurance, which provides life - long insurance but with particular premium requirements that need to be met; Survivor Life Insurance, which covers the lives of two persons who are insured, and the death benefit is given when the last of these two persons insured dies; and annuities, which are insurance contracts, which payments can be set regularly to aid in meeting the needs of people saving for their retirement.

Whole life insurance is a type of permanent life insurance whereby the insured will be covered by their policy, no matter when they die, as it's a policy that will last your entire life.

Riders Level Term Life Insurance Benefit Rider - Insured 1: 10105, 10405, A10105 Level Term Life Insurance Benefit Rider - Insured 2: 10125, 10425, A10125 Four Year Level Term Joint and Last to Die Survivorship Life Insurance Benefit Rider 10135, 10435, A10135 Waiver of Monthly Deduction Benefit Rider 10209, 10509, A10209

Simply put, second to die or survivorship life insurance differs from all the other types of life insurance because it insures the lives of two people AND only pays a death benefit upon the death of the last survivor.

With whole life or universal life the insurance will last until the insured dies.

# If the life insured dies before 60 years of age, Sum Assured payable on Death is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death.

In most states, if the company knows someone has died but no claim has been filed within 7 years, the proceeds are turned over to the state of residence of the last known address of the insured.