Sentences with phrase «option of lapsing the policy»

You obviously have the option of lapsing the policy by stopping the premium payments.

Not exact matches

While the cash value feature is an attractive option it's important to remember, though, that tapping into the cash value of a life insurance policy reduces its value and death benefit and increases the chance the policy will lapse.

In case of a lapsed policy, policy holder has an option to either reinstate the policy within 2 years and restore the benefits or surrender the policy and receive the Surrender Value, if any.

After your policy has come to the end of its term, you have two options: let the policy lapse at the end of the period or extend the policy at an additional cost.

At the same time, letting the policy lapse may not be the best option either, especially after paying into it with the expectation of accruing a healthy cash value.

Technically, though, there is a third option to the «keep versus lapse» decision of life insurance: to sell the policy to a third party in a transaction called a «life settlement» to an (institutional) investor who might be willing to pay more than just the policy's cash value (or the $ 0 value that might be available if the coverage just lapses on its own).

A term insurance plan offers you the option of renewing your policies after the lapse of the initial term.

A no - lapse guarantee universal life (UL) insurance policy to age 111 or 121 is one of the best if not the best policy of all the final expense options for a healthy senior.

You have the option to keep the policy after the initial benefit guarantee period — the initial length of the policy you select — or to allow the policy to lapse.

And the fact that break - in, today the simplest option available to renew your lapsed policy, is growing in popularity is borne by a bird's eye view of the numbers witnessed over the months of June, July, and August 2014: • The number of lapsed policies that were revived using break - in has shot up seven times within just three months of its launch (June — Aug 2014.)

While the cash value feature is an attractive option it's important to remember, though, that tapping into the cash value of a life insurance policy reduces its value and death benefit and increases the chance the policy will lapse.

After a policy first lapses, the owner may have the option to reinstate the policy within a certain period of time (depending upon the company), but you may have to prove your insurability by going through the underwriting process again.

An option for a policy owner to reinstate coverage after a lapse based on the insured submitting evidence of insurability and the policy owner paying back premiums plus interest.

Option 6 - Let Your Policy Lapse - If none of the 5 options above work for you, or you can't afford your policy or no longer need it, just stop paying premiums and the policy will Policy Lapse - If none of the 5 options above work for you, or you can't afford your policy or no longer need it, just stop paying premiums and the policy will policy or no longer need it, just stop paying premiums and the policy will policy will lapse.

In all cases, when considering lapsing or surrendering a policy, seek the guidance of a professional advisor or expert to take advantage of the options available that best meets your needs.

He also had the option of not taking the «gamble» by letting the policy lapse at that stage if, in his opinion, he could not afford the premium or was not likely to die during the 10 year period.

The first term period of our life insurance has expired, so in order to keep this life insurance, we have some options: (1) Renew the policy at a premium of $ 750.00 per month (2) Let the policy lapse and have no life insurance (3) Purchase a new life insurance policy - Remember now 70 - ish (4) Convert the term policy (if convertible)- Remember now age 70 - ish We forgot about the quadruple by - pass surgery at age 65, which makes the «purchase of a new life insurance policy» out of the question (most likely).

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For some period of time (depending on company and policy type) after a policy first lapses, the owner may have the option to reinstate the policy.

As of now you only have the option to let the policy lapse.

Technically, though, there is a third option to the «keep versus lapse» decision of life insurance: to sell the policy to a third party in a transaction called a «life settlement» to an (institutional) investor who might be willing to pay more than just the policy's cash value (or the $ 0 value that might be available if the coverage just lapses on its own).

The revival of your life insurance policy provides an option to extend the coverage, as the insurers can not decline the revival of your life insurance policy because the option of revival of lapsed policy is always present in the original policy document.

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A no - lapse guarantee universal life policy may be the best option for many seniors over the age of 65.

If the policy holder does not make a selection, the terms of the policy will generally stipulate which option would go into effect, in the event that the policy lapses or is surrendered.

Sagicor offers term life, no - lapse universal life and a whole life policy all with the option of bypassing the medical exam for a brief telephone interview.

At the same time, letting the policy lapse may not be the best option either, especially after paying into it with the expectation of accruing a healthy cash value.

In case of a lapsed policy, policy holder has an option to either reinstate the policy within 2 years and restore the benefits or surrender the policy and receive the Surrender Value, if any.

Related: Term Insurance for Dummies In the above comparison of reviving lapsed policy with buying a new policy from same insurer, it appears that reviving the policy is the better option.

But due to some extreme situation, if you miss the due date of premium payment and your policy lapses, then rather than panicking, you should look for the above available options and choose the best one for yourself.

a. No need to remember the premium due dates or worry of issuance of cheques b. Experience complete peace of mind by ensuring that your policy does not lapse c. Enroll for Direct Debit premium payment option in 2 simple steps: i.Download the Direct Debit Mandate or collect it from any of our Branch offices ii.Submit the duly completed Direct Debit form at your nearest AVIVA branch office.

Insurance21 Replied: 08-04-2017 08:29:09 This policy does not have premium waiver option, so premium will not be waived in case of proposer's death, that is, policyholder will have to pay specified premium otherwise policy will lapse.