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

LTCSO allows the owner of the AAFMAA policy the option of converting the death benefit on an eligible insured life — normally payable only upon the death of the insured — into regular periodic payments prior to death, specifically to defray the cost of nursing home, custodial or home health care for the insured.

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.

A term policy pays only upon the death of the insured.

Not exact matches

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.

Simply put, second to die or survivorship life insurance differs from all the other types of life insurance because it insures the lives of two people AND only pays a death benefit upon the death of the last survivor.

Pure Endowment A life insurance contract that provides payment only upon survival of the insured to a certain date and not in the event of that person's prior death.

The endowment without profit policies are also known as term insurance plans offer the nominee the sum assured only, upon death of the insured.

While mortgage life insurance works in much the same manner as a regular life insurance policy does, with the payout of death benefits upon death of an insured, in many instances, these types of policies will only require a minimal amount of underwriting for approval.

That is because, upon the death of the insured, the insurer is only obligated to pay the death benefit, not the cash value, which it retains.

This means that, upon death of the insured individual, the policy only pays out if payments have been kept current; if payments stop before the individual dies, the policy is no longer in force and will not pay out any money.

A term life policy has only one function: to pay a specific lump sum to the beneficiary that has been designated, upon a specific event: the death of the insured person.

Simply put, second to die or survivorship life insurance differs from all the other types of life insurance because it insures the lives of two people AND only pays a death benefit upon the death of the last survivor.

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