Sentences with phrase «life insurance policyholder wishes»

If a term life insurance policyholder wishes to continue their coverage upon the policy's expiration, they will need to re-apply at their current age and health condition.

Not exact matches

The main purpose of the legal reserve is to provide lifetime protection, but because more money is collected in premiums in the early years of a policy than is needed to cover the mortality charge, level - premium policies develop a cash value, which the policyholder can borrow against, or can surrender the policy for its cash value if the policyholder no longer wishes to continue the life insurance policy.

For those who may wish to have permanent life insurance coverage in the future, the Lincoln TermAccel policy may be converted over into a permanent life insurance policy if the policyholder moves forward with such a conversion by the end of the term's coverage or by age 70 (whichever occurs first).

Therefore, if the policyholder wishes to remain covered with life insurance, he or she will either need to purchase a new policy, or they will have had to convert their term policy over to a permanent type of insurance.

Viatical settlements (or life insurance policies with a «living benefit rider») specifically involve a policyholder with a terminal illness who wishes to sell his life insurance policy for immediate cash and needs the money for medications or treatment; the seller typically has a life expectancy of five years or less.