Sentences with phrase «of death benefit on the policy»

Yet, if the insured does not ever need this benefit, they will still maintain the protection of the death benefit on the policy, along with the cash growth.

An existing life insurance policy can be used to satisfy the lenders requirements as long as the amount of death benefit on the policy is enough to cover the loan amount required.

This means that even after the insured has passed away, the total amount of premium that he or she paid into the policy over time — combined with such funds» invested return — will be more than what the insurer will pay out in the form of a death benefit on the policy, resulting in a profit to the insurance company.

The minimum amount of death benefit on this policy is $ 100,000, and proceeds may be applied for up to $ 65 million.

Yet, if the insured does not ever need this benefit, they will still maintain the protection of the death benefit on the policy, along with the cash growth.

Not exact matches

The value and cost of these policies depend on several factors: how the buyer chooses to pay premiums, how the market plays out and how the insurer calculates the death benefit.

Additional Insured Rider Provides death benefit coverage on the lives of up to three family members without having to purchase separate policies.

When a death benefit is paid depends on the structure of the policy:

Had the individual purchased permanent life insurance, he or she could have access to a potentially significant source of supplemental retirement income in the future (depending on the policy type), while preserving the death benefit in perpetuity (note, however, that the death benefit and cash value of a policy is reduced in the event of a loan or partial surrender, and the chance of lapsing the policy increases).

The percentage of the death benefit you can receive is generally less than 50 %, what qualifies as a terminal illness varies depending on your policy, and the payout you receive may be deducted with interest from the face value of your policy.

Among them are the rights to: bullet joint parenting; bullet joint adoption; bullet joint foster care, custody, and visitation (including non-biological parents); bullet status as next - of - kin for hospital visits and medical decisions where one partner is too ill to be competent; bullet joint insurance policies for home, auto and health; bullet dissolution and divorce protections such as community property and child support; bullet immigration and residency for partners from other countries; bullet inheritance automatically in the absence of a will; bullet joint leases with automatic renewal rights in the event one partner dies or leaves the house or apartment; bullet inheritance of jointly - owned real and personal property through the right of survivorship (which avoids the time and expense and taxes in probate); bullet benefits such as annuities, pension plans, Social Security, and Medicare; bullet spousal exemptions to property tax increases upon the death of one partner who is a co-owner of the home; bullet veterans» discounts on medical care, education, and home loans; joint filing of tax returns; bullet joint filing of customs claims when traveling; bullet wrongful death benefits for a surviving partner and children; bullet bereavement or sick leave to care for a partner or child; bullet decision - making power with respect to whether a deceased partner will be cremated or not and where to bury him or her; bullet crime victims» recovery benefits; bullet loss of consortium tort benefits; bullet domestic violence protection orders; bullet judicial protections and evidentiary immunity; bullet and more...

In a nutshell, while most whole life insurance is fixated on maximizing the death benefit of a policy and just allowing cash values to grow over time, strategic self banking focuses on maximizing life insurance cash values, so the whole life insurance plan can be used strategically as a savings and personal financing vehicle for the purpose of recapturing your cost of capital incurred when having to deal with third party lenders or using your own cash.

Naturally, a policy buyer would prefer the insured to be elderly, in poor health, with a policy that has low cash value and a high death benefit, because all of these factors might increase the buyer's yield - to - maturity on the policy when you die.

The policy document has all of the pertinent information about the life insurance policy: the term, the death benefit amount, policyholder details, and so on.

This Non guaranteed benefit (as percentage of Sum Assured on Maturity) is paid out as a cash bonus every year starting from the 6th Policy year, until maturity or death, whichever is earlier.

These can pay a benefit based on a percentage of death benefit (as you said, 2 % or 4 % and other options as well), and the benefit deducts right off the top of the policy.

Death Benefit Payable: In the event of death, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the custDeath Benefit Payable: In the event of death, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the cuBenefit Payable: In the event of death, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the custdeath, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the custdeath benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the cubenefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the custdeath benefit option selected by the cubenefit option selected by the customer.

When a death benefit is paid depends on the structure of the policy:

Additional Insured Rider Provides death benefit coverage on the lives of up to three family members without having to purchase separate policies.

On the other hand, if you've just purchased a home with your spouse, you might consider a decreasing term policy (since your mortgage balance decreases over time as you pay it off) with a death benefit equal to the size of your outstanding loan.

Thanks to the acceleration of death benefit rider on his life insurance policy, however, Richard was able to get money to cover his huge medical expenses, allowing his wife and family to say goodbye without the specter of debt hanging over their heads.

Thus, while it is not required that you repay a loan, you should be aware of the effect that failing to do so will have on your policy's death benefit.

The percentage of the death benefit you can receive is generally less than 50 %, what qualifies as a terminal illness varies depending on your policy, and the payout you receive may be deducted with interest from the face value of your policy.

Term life insurance is defined as a contract between the owner of the policy and the insurer, for a policy on the life of the insured, whereupon the insured's death, the insurer pays a lump sum death benefit to the beneficiary.

For example, if you own a $ 500,000 life insurance policy and your parents co-signed on a mortgage loan worth $ 250,000, you can designate 50 % of the death benefit to your parents until the loan is paid off.

Life insurance companies will not write a check worth thousands, or perhaps millions depending on your policy's death benefit, of dollars to a minor child.

Many policies will set a minimum amount on the death benefits, but the investment portion of your premiums will not typically guarantee a minimum return.

These policies offer much lower premiums as the death benefit is paid out on the passing of the second spouse (i.e. if you die, the death benefit is held until your spouse also dies).

On top of the death benefit amount, this option allows any amount left in the policy fund to accumulate cash value and the total to be paid tax - free to the beneficiary.

Subject to the Policy being in force, as on the date of death, the death benefit payable under the product will be Higher of: 1.

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.

In the event of the insured's death, a life insurance death benefit will be paid to the named beneficiary on the policy - provided a claim is filed.

When you make premium payments on a cash - value life insurance policy, one portion of the payment is allotted to the policy's death benefit (based on your age, health and other underwriting factors).

And funding a policy can be done in months a couple of years, not 10 + years as many suggest based upon conventional policy designs that focus on death benefit.

The inner - workings of cash value life insurance consists of a life insurance policy, which is a contract between the policy owner, the insured (often the same person), and the insurer, where the insurer agrees to pay a death benefit to the policy's beneficiary, based on the owner continuing to make the policy's premium payments.

These 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.

Additional cash value and death benefit growth is possible through the use of dividends paid on participating whole life policies.

Although term life insurance does provide a guaranteed death benefit for a period of time, the nerds (actuaries) at the home offices of the major insurance companies know very well you will likely never cash in on the death benefit of a term life policy.

In reality, most people who are seriously considering a guaranteed universal life policy for securing a permanent death benefit should probably forget about the other types of universal life insurance and focus on a comparison with traditional whole life insurance.

If you're thinking of buying a cash value life insurance policy, ask your agent or company for a sales illustration, which is a computer projection of future premiums, cash values and death benefits based on the current dividend scale (whole life) or current interest rates and current costs of insurance (universal life).

If a policy of insurance has been or shall be effected by any person on his own life or upon the life of another person, the policyowner shall be entitled to any accelerated payments of the death benefit or accelerated payment of a special surrender value permitted under such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the policyowner.

If you have an outstanding loan on your whole life insurance policy when you die, the death benefit that is paid out to your beneficiary (or beneficiaries) will be reduced by the unpaid amount of..

With whole life, the amount of the death benefit is guaranteed, and the cash value that is within the policy is allowed to grow on a tax - deferred basis.

This provision would make it impossible for a stranger to take a life insurance policy on you, and benefit as a result of your death.

Fund Value means the market value of the units as on date of Intimation excluding sum assured and any other death benefit after deducting applicable charges as per «policy bond» as on date of Intimation.

The definition of life insurance death benefit is the amount of money payable to the beneficiary or beneficiaries listed on a life insurance policy upon the death of the insured, minus any policy loans.

The first 2 choices (# 1 and # 2) above focus on either maintaining the policy in force OR a preserving maximum death benefit, whereas the last 2 choices are preferred in many cases because they facilitate the ongoing performance and growth of the policy cash value.

In cases where the employer of your spouse is the owner of the policy on behalf of your spouse, and the beneficiary is you or the employer, any proceeds above the premiums paid are considered to be taxable income to the death benefit's recipient.

Traditional life insurance focuses on the maximum amount of death benefit for a minimum amount of premium whereas a wealth building approach tries to minimize the death benefit and maximize the amount of cash that is put to work in the policy.

Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.