Sentences with phrase «life insurance policy in place until»

You should keep your whole life insurance policy in place until you have already purchased and been approved for a term life insurance policy.

Not exact matches

The money that is used to purchase the contract is placed into an escrowed trust account — typically an irrevocable trust — and that money makes premium payments to keep the life insurance policy in force until the insured dies.

It's imperative to have a financial cushion in place, that preferably lasts until you retire and a term life insurance policy is the ideal solution.

Whole life insurance is a policy that will remain in place until death.

A permanent life insurance policy remains in place until the insured individual dies, if the policy is still in good standing.

Some people only take a life insurance until they retire while others keep a policy in place until the day that they pass.

One thing many people do is take out a life insurance policy until they retire but also have another one in place for their burial with rates that remain the same forever.

But don't drop existing life insurance until after you have a new policy in place.

For those who own a business, having a life insurance policy in place can aid in continuing the business while a replacement owner is found, or keep the business afloat until it is eventually sold.

In fact, the reality that the only way to use a life insurance policy's cash value to repay a loan tax - free is via the death benefit leads to a number of «rescue» strategies for life insurance policies with substantial loans, specifically to help ensure that the policy remains in place until the death of the insureIn fact, the reality that the only way to use a life insurance policy's cash value to repay a loan tax - free is via the death benefit leads to a number of «rescue» strategies for life insurance policies with substantial loans, specifically to help ensure that the policy remains in place until the death of the insurein place until the death of the insured.

The money that is used to purchase the contract is placed into an escrowed trust account — typically an irrevocable trust — and that money makes premium payments to keep the life insurance policy in force until the insured dies.

Nonetheless, to the extent that the policy can remain in force until death, the life insurance loan tax bomb is at least potentially avoidable, though of course in many situations it may have been preferable to just not take out the loan in the first place!

If you don't have have a policy in place, you may wish to buy term life insurance to cover the years until your children are able to support themselves without help from you (or your former spouse).

It is quite similar to whole life insurance, meaning that it stays in place until you die or decide to terminate (surrender) the policy.