Sentences with phrase «on your life insurance policy contract»

The person or entity that you name as beneficiary on your life insurance policy contract will receive the death benefit proceeds when you die.

Not exact matches

With limited pay policies, particularly those that are funded using paid up additions, it is important to keep an eye on the MEC level where your policy changes from life insurance to a modified endowment contract.

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.

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.

The guidelines were established to set limits on the amount of excess premiums a policyholder could contribute to a policy for benefiting from the tax - advantaged status of proceeds from life insurance and avoid a modified endowment contract (MEC).

Gather two years worth of at least three accounts for which you have made consistent and on - time payments, such as a utility bill, a life insurance policy, or a rental contract.

And here's the bottom line: all life insurance policies promise to pay an agreed - upon sum of money should you die while your policy is in - force (that is, while you're paying your premiums on time and while you're still operating within the terms of your contract).

That may depend on the state laws pertaining to life insurance and suicide, how long ago the life insurance policy was purchased, if the premiums were all paid up, and any suicide exclusion in the life insurance contract.

The main disadvantage of the term life insurance policy is that it expires on the date that is set in the contract.

If that option isn't feasible, your partner could buy a life insurance policy on him / herself and then make you the beneficiary of the contract.

Under a Life Insurance Contract in India, the insurer assures to pay a definite sum to the policyholder's family on his demise during the policy term.

Family policy: A life insurance policy providing insurance on all or several family members in one contract.

These types of policies offer the advantage of guaranteed level premiums throughout the insured's lifetime at substantially lower premium cost than an equivalent whole life policy at first; the cost of insurance is always increasing as found on the cost index table (usually p. 3 of a contract).

Waiver of monthly deduction - An optional life insurance policy rider that waives the monthly Cost of Insurance charges on a universal life or variable universal life policy for the length of a qualified disability as outlined in the policy insurance policy rider that waives the monthly Cost of Insurance charges on a universal life or variable universal life policy for the length of a qualified disability as outlined in the policy Insurance charges on a universal life or variable universal life policy for the length of a qualified disability as outlined in the policy contract.

The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its «maturity») or on death.

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.

You see, term life insurance is called «term» because the policy (i.e. the contract between the owner and the insurer on the life of the insured) ends upon the specified timetable in the contract.

A NOTE ON MEC (Modified Endowment Contract) A single premium life insurance policy is always a MEC, which simply means that your life insurance policy will be treated as a qualified plan such as, IRA, 401K, SEP or 403 (b); and will incur the same penalties if you withdraw any available cash value.

Personally, I'd rather keep the life insurance, use the cash values to supplement my investments and / or use the cash value to pay my income in the years the stock market goes down (like 2001, 2008, etc) so that I don't end up worse off than when I began because at the end of the day that account can't lose its value, I can't be sued for the value of it, I don't need to report it on my son's FAFSA form for college, AND if I pull money out of it for my son's school, the dividend still pays the same amount as if I hadn't drawn the money out in the first place (fun fact: that last point isn't something that a northwestern policy does, but new york life and massmutual's contracts do).

A life insurance policy is nothing less than a legally binding contract that would be contingent on you telling the truth.

With universal life, the insurance company sets a minimum interest rate based on the contracted agreement in the policy sold (usually a low 2 - 3 %).

In addition, the amount that the policy owner is allowed to borrow may actually be based on the value of the cash account, as well as the terms that are outlined in the life insurance contract.

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its «maturity») or on death.

The IRS covers this in Section 264 (a)(1) and provides that there is no deduction allowed for premiums paid on any life insurance policy, or endowment or annuity contract, if the taxpayer is directly or indirectly a beneficiary under the policy or contract.

Life insurance carriers take on the financial obligation to pay a specified death benefit in return for premiums paid by policy owners for a set amount of time as defined by a life insurance contrLife insurance carriers take on the financial obligation to pay a specified death benefit in return for premiums paid by policy owners for a set amount of time as defined by a life insurance contrlife insurance contract.

A universal life contract provides access to cash value accumulation like that of a whole life policy; however, cash value within a universal life policy includes a guaranteed minimum interest rate plus an additional interest payment if and when the life insurance carrier experiences higher returns on its own investments.

These are: • Life insurance contract - a contract regarding life insurance policies that meets the guidelines premium requirements, the cash value accumulation and falls into the cash value corridor all on the subsectLife insurance contract - a contract regarding life insurance policies that meets the guidelines premium requirements, the cash value accumulation and falls into the cash value corridor all on the subsectlife insurance policies that meets the guidelines premium requirements, the cash value accumulation and falls into the cash value corridor all on the subsection.

Yes you can upgrade your policy through policy riders which are like add ons to your life insurance contract.

As of June 21st of 1988, the federal government placed into effect the Technical and Miscellaneous Revenue Act (TAMRA), which placed limits on the amount of money that can be put into a life insurance contract during the first 7 years of the policy's existence.

Instead of applying for a new life insurance policy, and paying premiums based on a new policy (which will be higher), the owner of the contract may have the ability to reinstate the old policy if a payment is made.

The amount of premium on whole life insurance protection is typically locked in for the life of the policy and guaranteed not to increase, even as the insured ages and regardless of if he or she contracts an adverse health condition in the future.

Incontestable clause: In life insurance, a contract clause which provides that for certain reasons, such as misstatements on the application, the company may not contest payment of benefits (assuming premiums have been paid) and the policy has been in force during the lifetime of the insured for a certain period, usually two years after issue.

Life insurance riders are features not found on a basic life insurance policy, and may provide benefits to the owner or beneficiaries of the life insurance contrLife insurance riders are features not found on a basic life insurance policy, and may provide benefits to the owner or beneficiaries of the life insurance contrlife insurance policy, and may provide benefits to the owner or beneficiaries of the life insurance contrlife insurance contract.

A life insurance policy is a contract, so generally as long as you aren't subject to one of the exclusions (typically there are 2 exclusions on life insurance policies; typically a two year suicide clause and a two year contestability clause if there wasn't misrepresentation or concealment on your application) it will pay out.

The small life insurance contracts had a small cost of insurance, and could still accumulate significant gain based on the dividend payments made into the policy by the insurance company (dividend payments grow larger as cash value is higher).

A lot of people seem to, very strangely, have this misconception that Riders on an insurance policy are conditions which apply to a life insurance contract.

In a previous article focusing on the tax advantages of life insurance, we discussed that the cash value accrual in a life insurance contract is allowed to accumulate tax free inside the 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.

The accelerated death benefit may be part of the original policy contract or an optional rider — it depends on your life insurance company.

With limited pay policies, particularly those that are funded using paid up additions, it is important to keep an eye on the MEC level where your policy changes from life insurance to a modified endowment contract.

Life insurance policy is a two way contract between the insurance company and the insured based on the principle of utmost good faith.

Life insurance provides coverage on a specific person's life, and if that person passes away during the time the policy in In Force, there is a payout on the coverage, subject to all of the terms and conditions stated in the insurance contrLife insurance provides coverage on a specific person's life, and if that person passes away during the time the policy in In Force, there is a payout on the coverage, subject to all of the terms and conditions stated in the insurance contrlife, and if that person passes away during the time the policy in In Force, there is a payout on the coverage, subject to all of the terms and conditions stated in the insurance contract.

Since permanent policies cover your entire life, premiums can be substantially higher than those on a typical term life insurance contract that expires after a certain period.

A life insurance policy is basically a contract based on the promise of the insurance company.

Life insurance is a contract, and the person who is being insured must provide consent for a life insurance policy to be purchased on their life, regardless of any «power of attorney» privileLife insurance is a contract, and the person who is being insured must provide consent for a life insurance policy to be purchased on their life, regardless of any «power of attorney» privilelife insurance policy to be purchased on their life, regardless of any «power of attorney» privilelife, regardless of any «power of attorney» privileges.

The terms of that «contract» and the obligations on each party will be dependent on the country (and possibly the state), however for term life insurance policies generally the life insured is obligated to pay the premiums for the insured sum and if the life insured has met the application obligations in obtaining the policy, the life insurance company is obligated to pay that sum.

The premiums on your insurance are the amount you pay in return for the insurance carrier promising to pay out a death claim on your life insurance policy, subject to the terms, conditions and exclusions of your insurance contract.

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its «maturity») or on the death of the policy holder.

In case any insured member suffers from an Accidental Total and Permanent Disability *, the the Sum Assured as per the certificate of insurance shall be payable and the contract will continue on 2nd life till ATPD of 2nd life or expiry of policy term for that member whichever is earlier.

In case of death of the any insured member the Sum Assured as per certificate of insurance shall be payable and contract will continue on 2nd life till death of 2nd life or expiry of policy term for that member whichever is earlier.