Sentences with phrase «of death benefit»

Where an ICBC insured at the date of death resulting from a motor vehicle accident comes within an age group set out in column A of the following Table and the insured has the status set out in column B, C or D, the amount of death benefit payable under section 92 is the amount set out below that status and opposite that age group.

Even the making of the will or a trust, or allocation of a death benefit from a life insurance policy can be validly limited by a prenuptial agreement.

A greater life expectancy adds additional premium payments, and also reduces the NPV of the death benefit (because it's discounted over a larger number of years waiting for the payout to occur).

Alternatively, if it is determined that the policy has real economic value to keep, the advisor and client should consider whether it makes more sense to simply keep the policy to benefit directly from the long - term value of the death benefit, rather than sell as a life settlement (since by definition, if it's valuable to a buyer to purchase, it's valuable to the seller to keep it!).

In this example, the present value of the death benefit exceeded the present value of the premium payments — i.e., the sum total of each year's discounted cash inflows / outflows is positive — and so the policy is sellable.

If the death benefit is $ 10 million, the annual premium will be much higher than that of a death benefit of $ 100,000.

Because the premium for survivorship insurance is based on joint life expectancy, the cost is usually less (per thousand dollars of death benefit) than it would be for a policy covering either life alone — and significantly less expensive than buying two separate policies.

If the addition of the death benefit causes your assets to exceed the estate tax threshold, your estate may be subject to taxation.

If there are any loans against the life policy, then these amounts will reduce the face value of the death benefit when the insured passes away.

It provides you with the certainty of a guaranteed amount of death benefit and a guaranteed rate of return on your cash values.

Now if you die with an outstanding life insurance loan, your loan and any interest due will be taken out of your death benefit.

The lump sum of $ 10,000 includes all fees and expenses required to cover the additional $ 50,000 worth of death benefit.

Face amount The face amount of the policy is the amount of the death benefit as stated in the policy.

If you need or want to stop paying premiums, you can use the cash value to continue your current insurance protection for a specified time or to provide a lesser amount of death benefit protection covering you for your lifetime.

In the event the insured meets certain criteria, the policy will payout a portion of the death benefit to the insured while living.

Instead, the cash value replaces the term life component and represents the entirety of your death benefit.

Letting your estate decided by someone else is not really beneficial to your siblings if they are designated to received the proceeds of your death benefit.

This cash value is actually a component of your death benefit.

Different rules apply to the transfer balance cap for child recipients of a death benefit income stream.

You can be reassured that your beneficiaries will still receive some portion of the death benefit if the worst happens.

This Guideline applies to an SMSF that receives a superannuation lump sum resulting from the commutation [1] of a death benefit income stream where the commutation occurred in circumstances described in paragraph 16 of this Guideline.

Most New York Life income annuities offer some form of death benefit.

When determining who will have access to the cash value, it is important to identify the various goal of the split dollar plan and these are summarized in the questions of death benefit and control over the policy.

You should press the agent to design you a plan where you are putting in as much money as you can with the lowest amount of death benefit.

At best, they'll just take the premiums you owe them out of your death benefit.

The longer you keep the policy, the more the cash component increases until it eventually comprises all of your death benefit.

The life insurance companies also offer solutions such as chronic illness riders AND long term care riders, which allow a portion of the policy death benefit to be used for long term care costs while also preserving a portion of the death benefit coverage.

Rather than selling your policy, some insurance companies allow you to collect a portion of your death benefit before you die.

Under this approach, the employer owns the policy and pays the premiums AND endorses to the employee the portion of the death benefit that is in excess of the greater of the premiums paid or cash value of the policy.

If you qualify for your cash indemnity benefit from your chronic illness rider, you can access the lesser of 2 % of your death benefit monthly or 24 % annually or up to the IRS per diem limit, currently $ 360 daily ($ 131,400 annually) for 2017, with maximum lifetime benefit of $ 2,000,000.

In other words, the insured was likely to die soon, and so a portion of the death benefit was given in advance to make the final months more tolerable.

Chronic Illness and Terminal Illness Riders: you can receive an early portion of your death benefit if you are diagnosed with a qualifying chronic or terminal illness.

With a chronic illness rider, if you qualify for the benefit, you can access a portion of your death benefit in advance.

If you are diagnosed with a chronic illness or severe cognitive impairment (Alzheimer's, Dementia), the rider allows you to accelerate a portion of your death benefit to be used either as reimbursement or cash indemnity.

With asset - based LTC the insured either uses it, or passes the benefit along to the beneficiaries with the rest of the death benefit.

Most life insurance policies have provisions that allow a portion of the death benefit to be used if the insured can not perform 2 of 6 activities of daily living.

LTCAccess Rider — A great supplement to long term care policy, the LTCAcess rider allows you to accelerate a portion of your death benefit so you can pay for expenses from long term care covered under the rider, including both home and facility care.

Alternatives to surrendering a policy and spending down are recommended to preserve a portion of death benefit.

These accelerated benefit riders would give a portion of the death benefit to the policy owner prior to the death of the insured, based on the requirement that the insured was terminally ill with less than 12 months to live.

Because the loan will reduce the amount of available cash value in the policy, however, it will also reduce the amount of death benefit.

This rider lets the policy owner take part of the death benefit to pay for nursing home care and home health care of the insured person, while still leaving at least a partial death benefit to the beneficiaries.

Whole life insurance ensures a guaranteed amount of death benefit protection — regardless of how long the insured lives.

What is different between whole life and universal life is that with whole life, premiums and the amount of the death benefit are fixed.

A whole life insurance policy will offer guaranteed level premiums throughout the life of the policy, as well as a guaranteed amount of death benefit.

You can also vary the amount of the death benefit.

However, they are quite different in terms of how long they last, how much they cost, and whether they provide other benefits on top of the death benefit.

From 1 July 2017, funds may only include an anti-detriment payment as part of a death benefit if the member has died on or before 30 June 2017.

Otherwise no tax would be paid on this component of the death benefit.

For example, if 70 % of the death benefit is paid to the member's spouse and 30 % is paid to the member's brother, claim a tax deduction for the anti-detriment amount paid.

Similarly to a long - term care rider, the accelerated death benefit rider (sometimes called an acceleration of death benefit rider) allows you to take money out of your death benefit in order to pay for medical expenses.