Sentences with phrase «original policy value»

The policyholder should surrender the original policy value.

Not exact matches

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In addition, you don't have to pay the annual interest so long as the total outstanding loan (original loan plus accumulated interest) doesn't exceed the policy's cash value.

Since most FHA mortgages, and most mortgages generally, are repaid before original loan balances fall 22 percent, this FHA policy may not seem as though it has much value.

Some providers will try to sell actual cash value policies and then expect you to pay more than the original quote if you want replacement cost.

On most IUL policies, the death benefit is equal to the original insured amount minus the cash value.

If you replace one cash - value policy with another, the cash value of the new policy may be relatively small for several years and may never be as large as that of the original one.

In most cases, renters with an existing ACV policy can add replacement cost coverage with a rider, though certain property specified within the original policy may only qualify for payout under actual cash value.

Most standard policies cover the cash value of your property — the original cost depreciated over the years.

As the length the policy is in force beyond the 20 years, interest accrual adds to the value so when benefits are paid eventually the total amount can be substantially higher than the original policy limit.

At some point in the future, your cash value will reach your original policy amount, and the term life component will be eliminated from your policy.

The biggest benefit is taking something that was perceived to be illiquid and of limited value, and turning it into a liquid asset that may have an even greater value in the hands of an investor than the original policy owner.

In other words, the plaintiff in an insurance bad faith case may be able to recover an amount that is much larger than the original face value of the policy.

Unlike traditional mortgage life insurance whose value decreases as you pay down your mortgage balance, term life insurance plans pay the full original face value of your policy to your beneficiary.

Since they are made up solely of the interest generated by the original policy's face value, «interest income» payouts are far smaller than other annuity installments.

Unlike traditional mortgage life insurance whose value decreases as you pay down your mortgage balance, the CoverMe Term Life plan pays the full original face value of your policy to your beneficiary.

This results in a policy with a higher initial cash value than would be the case if the original policy were simply surrendered and a new policy purchased

Generally these can be taken under one of three possible non-forfeiture options: (1) surrender for full cash value; (2) use of the cash value to purchase reduced paid - up life insurance; and (3) use of the cash value to purchase extended term insurance in the full face amount of the original policy for as long as the cash value will pay net premiums.

If you replace one cash - value policy with another, the cash value of the new policy may be relatively small for several years and may never be as large as that of the original one.

For example, if you buy a UL policy in times of high interest rates, your cash values may accelerate rapidly, outperforming your original expectations, and allowing you to pay less in premiums in future years.

Also, they will check that if the policy has a cash surrender value, there have been no borrowings secured against that and that the original life insurance policy is not required in order to make a claim.

Paid - Up Additions Amounts of life insurance purchased either by policy dividends or by additional premium, and added to the original life insurance policy to increase the death benefit and cash values.

Avoid Modified Endowment Status: If the subsequent premiums paid into the new policy, other than the exchange proceeds, are within the new 7 - pay limit, then a 1035 Exchange of a life insurance policy allows the policy owner to place the original contract's entire value in the new policy without creating a modified endowment contract, or MEC.

Like «period certain» payouts, «amount certain» benefits pay out in equal amounts until the face value of the original policy has been exhausted.

It is meant to provide you with coverage in case your home's value increases and the replacement cost in your original policy isn't enough to cover the new replacement cost.

A replacement - cost policy generally will cover the cost of a new bike that is of the same quality as the original, whereas actual cash value insurance can help cover the amount that the bicycle was worth at the time it was stolen.

As a result, the original premiums that were projected to sustain the policy over Mr. Zathia's lifetime were less than what the contract required and the policy cash value was used to make up the difference.

The cover under these term plans rises at a pre-specified rate and keeps increasing until the overall value of the cover is 1.5 times the original cover under the term policy.

Basically, riders are additional features, which embellish the value of life insurance plans while offering extra benefits, which are uncovered by the original document of the policy.

For example, cash value from a permanent policy can be used for purposes other than the original intent of the insurance.1 Also, many term policies can be converted to a permanent policy over time, and some policies provide the option to increase insurance without a medical exam.2

If there is a loss of more than one limb, or sight in both eyes, or loss of one limb and sight in one eye, the beneficiary gets twice the value of the original policy.

Surrendering a policy sometimes enables the original policyholder to build up a higher value than the amount they originally paid.

Since most AD&D payments usually mirror the face value of the original life insurance policy, the beneficiary receives a benefit twice the amount of the life insurance policy's face value upon the accidental death of the insured.

If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary.

With a typical homeowners policy, after a loss you would be reimbursed based on your items» depreciated value (its original value minus depreciation for time, wear, damage, etc.), but with Contents Replacement Cost coverage, the value of any damaged or destroyed item is based on the cost of a new one with similar features.

Option B however is really what I think makes the policy special since you can leave your loved ones the original death benefit and any cash value accumulation as well.

On most policies, if you die within the first 2 years, your beneficiary is usually only eligible to receive either the premiums which have been paid towards the policy up to the time of your death, a depreciated value of the original policy, or nothing at all.

Like your mortgage balance, the death benefit decreases over the life of the policy, but it will never fall below 20 % of the original value, while premiums remain level.

An average policy generally covers the cost of repairing or replacing your home to its original condition, plus about 50 percent of the policy limit for the value of belongings inside the home.

If you had an actual cash value policy, the company would pay only a part of the cost of a new washing machine because a machine that has been used for eight years is worth less than its original cost.

It will continue to decrease until it reaches 20 percent of the original face value of the policy.

Most standard policies cover the cash value of your property — the original cost depreciated over the years.

Like variable life, you decide the investment in mutual funds, though there are no guarantees on these policies beyond the original face value death benefit.

Actual cash value is the way many standard home insurance policies read, but you need to be aware that actual cash value means the original price minus depreciation over time.

Some providers will try to sell actual cash value policies and then expect you to pay more than the original quote if you want replacement cost.

The appeal of such transactions is that, where the original policyowner has had an adverse change in health since the policy was originally issued, a third - party buyer may be willing to pay more for the policy — and hold it until the death of the original insured — than the insurance company is willing to offer as a cash surrender value.

Sometimes called a «life settlement», a «senior settlement» or a «lifetime settlement», the life insurance settlement typically offers the original policyholder more money than the cash surrender value of the policy, and offers the life insurance settlement company an opportunity for substantial profits.

In fact, the cash value of the new policy may never be as large as that of the original.

Meaning if the person takes out a policy with a $ 20,000 per year premium for ten years, make sure to put the $ 200,000 into the policy during the ten - year period, otherwise the cash value will not match up to the original plan design.

To avoid this so - called «boot» treatment, it's essential that the new policy be a $ 200,000 cash value with a $ 150,000 outstanding loan balance, precisely matching the original policy.