Sentences with phrase «made upon the death of the insured»

Claims are paid after death: You need to understand that claims from life insurance policy can only be made upon the death of the insured.

Not exact matches

You make payments on the policy and, in return, the insurance company provides a lump - sum payment, also called a death benefit, to the beneficiaries you have chosen upon the death of the insured.

Under the terms of a life insurance policy, the insurer will generally make a payment upon the death of the insured.

Most annuity payments cease upon the death of the annuitant (this is what makes them different from regular life insurance policies, which generally make a payment to a beneficiary upon the death of the insured).

All life insurance policies work on the same basic premise; make payments, called premiums, to the insurance company, which guarantees to pay chosen beneficiaries a sum of money upon the death of the insured.

Additionally, if one engages in the transaction, the insured may occasionally (usually about once a year) receive a call from a servicing company to inquire upon the health of the insured (to determine if the insured has died and whether the investor should be making a death benefit claim on the policy).

This guaranteed period or «term» that a death benefit will be paid (only upon death of the insured) is the reason this kind of insurance policy is called «term life insurance», Other permanent types of insurance contracts also exist such as whole life insurance and universal life insurance, which will never expire as long as all premium payments are made in a timely manner to the insurance company.

In exchange for making premium payments over a period of (x) amount of years (x being the length of the term), the life insurance company provides financial protection on the life of an insured person and is legally bound to pay any valid claim upon death of the insured person.

The only time there is a payout made is upon the death of the insured during the term (duration) of the policy.