Sentences with phrase «of whole life policies allow»

Some types of whole life policies allow you to pay premiums for shorter periods of time, such as 20 years, or until age 65.

Not exact matches

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.

This is allowed due the payment of whole life dividends which are basically defined as a «return of premiums» to the policy holders rather than regular income.

This structure of a whole life policy will allow the majority of your premium to go toward the cash value savings, while very little goes toward agent commissions and the cost of insurance.

Cash value life insurance, whether whole life, IUL, or VUL, allows for the tax - free growth of funds in a policy's cash account unless the policy is canceled or surrendered, transferred or assigned to another owner, or the IRS no longer designates the policy a life insurance contract.

The good news is you have convertible term life insurance, which allows you to exercise the option with the insurance company to keep your coverage for the rest of your life by converting the term policy to whole life or universal life.

The policy is convertible term life insurance, which allows the owner of the policy to convert all or a portion of the coverage to whole life insurance coverage before the term policy expires or age 65.

When the insured is age 70 — or at the end of the guaranteed period of level - premium — whichever occurs first, the insured is allowed to convert the level term life insurance policy over into a whole life insurance or a universal life insurance plan.

This option not only allows two individuals to be insured on the same whole life insurance policy, but it also typically has a lower amount of overall premium cost than will purchasing two separate life insurance policies of corresponding value.

Security of fixed premiums and payout Whole life insurance may allow you to build cash value inside the policy while safeguarding your family, should anything happen to you.

The policy is convertible which allows the owner to convert the policy to whole life prior to the end of the term.

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.

The good news about that is, you purchase it once, and then you're done, provided you make the payments, and some limited pay whole life insurance policies allow you to make premium payments for a number of years and then stop.

Having said that, let's also look at the fact that a whole life policy allows you to WITHDRAW from your cash value tax - free (you already paid taxes on some of it) AND interest - free.

The pro of whole life is that the higher price tag can be mitigated by getting this type of life insurance policy at a young age, adding specific riders that maximize the cash value up to, but not crossing the line, of becoming a modified endowment contract MEC, and allowing you to utilize that cash value in as little as 30 days.

Universal life insurance is designed to offer many of the same benefits as traditional permanent * life insurance policies such as whole life, but offers more flexibility that allows you to adjust your premiums and coverage as your needs change.

However, the entire whole life vs term life argument is moot when you understand that you can actually design a whole life policy with term insurance rider, allowing you to get both whole and term life insurance in ONE policy, instead of either / or.

A properly designed whole life insurance policy will allow the death benefit to grow concurrently with the cash value, so that protection of the family business AND estate is always maintained.

As we touched on above, this strategy of borrowing from a properly structured whole life insurance policy allows you to continue to accrue cash value, tax free, regardless of the amount borrowed and at reasonable market rates.

A type of term insurance that allows you to exchange the term insurance policy for a permanent life insurance policy (whole or universal) without having to take a new medical exam.

For a Whole Life policy it may be the best priced A + rated carrier that allows the best build up of cash value.

Whole life policies, for example, allow you to build up a cash reserve, tax deferred, that you can draw upon in a variety of different ways.

Having multiple policies also allows you to have different types of life insurance policies, such as having a whole life insurance policy and a term life insurance policy.

Variable life insurance is a form of whole life insurance, a type of policy that allows you to build up a cash value.

And, although these returns may not have sounded like much several years ago, the cash value in whole life insurance policies allowed policy owners to weather the storm of the recent market downturn.

This valuable feature allows you to convert your term policy to a permanent policy (e.g., whole life insurance) without submitting evidence of insurability.

This allows the insured to convert the term policy over into a permanent form of life insurance — such as whole life or universal life — at a future time.

Sagicor's fixed indexed single premium whole life insurance policy can allow the policyholder to reposition certain low - interest producing assets such as CD's (certificates of deposit), or money markets — and possibly even a fixed annuity — and obtain the opportunity to earn a higher return on the cash value in the policy.

Term life insurance can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse.

My professional opinion of the ten pay option is that it may allow consumers to pay down (and off) the participating whole life policy during the course of their working years.

This allows you the benefits of low cost from the term policy but also may leave the door open for a whole life policy at a later time.

Additionally, most annual renewable term policies offer a conversion feature that allows you to exchange a term policy for a whole life or universal life policy without proof of health.

Conversion privileges allow someone to take their term policy and convert some or all of it to a different policy type, such as universal, variable universal, or whole life.

(vii) You understand agree that (section 41 of Insurance Act): a) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the inspolicy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insPolicy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurers.

Allows you to convert a term life insurance policy to a permanent, or whole life insurance policy at the end of the term.

Also, consider adding policy riders that will allow you to access the policy death benefit in the event of a terminal illness or even convert a portion of your term policy into a permanent policy (such as whole life or universal life).

Universal life insurance is designed to offer many of the same benefits as traditional permanent * life insurance policies such as whole life, but offers more flexibility that allows you to adjust your premiums and coverage as your needs change.

Term conversion riders allow you to convert a term life insurance policy into a permanent, or whole, life insurance policy at or near the end of the term.

No person shall allow or offer to allow, directly or indirectly, as an inducement to any person to take, renew or continue insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except for such a rebate that is allowed in accordance with the published prospectus or tables of the insurer

To avoid problems, consider the idea of adding an endorsement to your term life insurance policy that allows you to convert it to a whole life policy at the end of the term, or get a renewable policy.

(Note that there are some whole life policies that allow you to pay premiums for shorter periods of time, such as until age 65, at which time the policy would be «paid up» and premiums would cease while coverage remains in force.)

Although a universal life policy can allow you to earn somewhat better rates of return in your cash - value fund than a whole life policy, you can't transfer your cash value between possibly higher - yielding sub-accounts as you can with variable life insurance.

It has the features of both a term and whole life insurance which allows policy holders to choose varying payment methods and coverage every year while adjusting its interest on a monthly basis.

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.

The cash value that is associated with a whole life policy is allowed to grow on a tax deferred basis — meaning that there is no tax due on the gain until the time of withdrawal.

If you have to choose between a long term or a whole life policy at the detriment of the correct face amount, you might want to choose a shorter term policy that allows you to get the necessary face amount.

Convertible term policies allow you to convert your term plan into a permanent form of life insurance, such as universal or whole life.

In a universal life policy, the interest is adjusted monthly allowing for faster growth of the cash value account; whereas, in a whole life policy the interest is calculated on a yearly basis and the cash value is slower to see increases because of this.

If you have to choose between a long term or a whole life insurance policy at the detriment of the correct face amount, you might want to choose a shorter term policy that allows you to get the necessary face amount.

Some whole life policies may allow you to borrow against the cash value of your life insurance policy rather than taking a withdrawal.