Sentences with phrase «life insurance policyholders pass»

A little while back, I posted about how California is investigating John Hancock for turning a blind eye to when life insurance policyholders pass away, thus escaping the duty to pay the death benefit.

Should a life insurance policyholder pass away, a life insurance policy can provide financial support for your beneficiaries with a death benefit.

Not exact matches

Life insurance policyholders pay a premium and elect a beneficiary who will be eligible for payout if they pass away.

Similar to whole life insurance, term life coverage provides a lump sum death benefit in the event that the policyholder passes away while the policy is still active.

Life insurance, meanwhile, generates an estate, diminishes the financial uncertainty of passing away too soon, grants the beneficiary a specified amount at death of the policyholder in exchange for a premium which is determined by sex, age, type of insurance, amount of death benefit and health.

Whereas traditional term life insurance merely reassures its policyholders that their family members will enjoy some financial security after their passing, return of premium insurance ensures that they have something to show for their foresight.

tax - free passing along of wealth to heirs via the death benefit, provided the policy is established within a life insurance trust separate from the policyholder's estate.

While life insurance provides a death benefit if the policyholder passes away while the policy is in force, disability insurance provides coverage for ongoing needs if the insured becomes severely ill or injured and can no longer work.

Waiting period: A certain period of time that passes after a life - changing event before a policyholder can receive insurance benefits.

Coverage could end before policyholders pass away, since this is a temporary form of life insurance that does not last a lifetime.

A critical reason to purchase life insurance is to ensure that one's dependents, i.e. parents, spouse and children, receive a lump sum or a regular monthly income that will guarantee their financial security, in the unfortunate event that the policyholder passes away or gets disabled (thus putting a stop to his / her income).

A traditional whole life insurance policy provides the policyholder with a guaranteed amount to pass on to his / her beneficiaries, regardless of how long he / she lives, provided the contract is maintained.

If you meet all of the policy requirements, then whole life insurance is guaranteed to payout upon the policyholder's passing away.

At issue is the failure of life insurance companies to take a proactive approach to determine if policyholders have passed away.

A unbundled life insurance policy contains a savings and investment component that the policyholder can use during his or her lifetime or pass on to beneficiaries.

[x] An insurance product which acts like an annuity during the lifetime of the policyholder, and forwards death benefits like a life insurance policy when the insured passes away.

Note: In case, the life assured passes away during the policy period, the insurance company pays the sum assured to the nominee as per the payout opted by the policyholder.

With a term life insurance plan, the policyholder's monthly payment is the same throughout a set time period — or «term» — such as 20 or 30 years, in return for a stated amount of death benefit protection should they pass away during the time that the policy is in force.

Since term life can be purchased to cover a specific time period, the policyholder does not have to pay for the extra life insurance once the need for it has passed and inexpensive premiums make term life an excellent option for supplemental coverage.

The only case where term life insurance would result in cash would be if the policyholder passed on, and then the death benefit would go to the beneficiary tax - free.

In many ways, final expense life insurance works just like other types of life insurance coverage in that the policyholder will pay a premium in return for death benefit coverage should the insured pass away while the policy is in force.

on life insurance policies release a sizable chunk of the policy's death benefit to the policyholder while he / she is still alive, allowing the usage of the death benefit funds on valid diagnosis of one of the critical or terminal illnesses stated in the policy.These riders» critical / terminal illness payout is tax - exempt, and beneficiaries also receive the left over face value, untaxed, upon the policyholder's passing.

If the policyholder passes away unexpectedly, a term life insurance policy offers a death benefit to the beneficiaries mentioned in the policy.

Survivorship universal life insurance is often referred to as second - to - die insurance it insures two people but doesn't pay beneficiaries until both policyholders have passed away.

and are increasing in popularity because if these riders go unused, there is no loss of premium - the premiums are returned if the policyholder passes away before a specific age, and the beneficiaries are still entitled to receive the life insurance policy's face value in the event of the policyholder's death.

A higher life cover / sum assured translates to a higher risk for the insurance company in the unfortunate event that the policyholder passes away while the policy is in force.

If one partner passes away, the surviving spouse is not only entitled to receive the full assured sum on the primary policyholder's cover, but he / she also does not have to pay future premiums to keep his / her cover for this type of joint life insurance in force.

In such a situation, life insurance policies provides financial aid to recover from the financial loss that comes with the passing away of the policyholder.

An immediate claim payout means that an insurance claim can be submitted even if a policyholder passes away immediately after getting a life insurance policy.

Second death insurance (also known as dual - life insurance, survivorship policy, and second - to - die insurance) is a type of life insurance policy that only pays the death benefit when both both of the joint policyholders pass away.

A regular life insurance policy pays the benefits to a beneficiary after the policyholder passes away.

Choosing an insurance policy with an accelerated benefits allows the policyholder to pay for their daily living in an effort to make it as comfortable as possible while also allowing the holder to look after his or her family once they pass away.

A term life insurance policy provides death benefits upon the passing of the insured, if that policyholder dies within a specified term.

What's more, if the insurance company isn't doing well financially, costs can be passed on to the policyholder in a blended life insurance policy, Steuer says.

Term life insurance is most often purchased to make sure that a specific debt or event will be paid for even if the policyholder passes away.