Sentences with phrase «owner keeps the policy in force»
The new owner keeps the policy in force and continues to pay the premiums.
https://www.lifeinsure.com/ Not exact matches
For example, a policy owner could turn in the policy for its available cash value, or borrow against the cash value and still keep the policy in force, or temporarily use the cash value to pay the policy's monthly premiums.
This is a very clever move which will force the policy owner to keep the policy until the end of the term period in order to get back his or her money.
If the owner decides that they want to keep the policy in - force for a longer period of time, they normally have the option to renew the policy on a year by year basis after the term expires.
The waiver of premium rider will keep the insurance policy in force without any premium payments for as long as the owner remains disabled, or until age 60 or 65, whichever is first.
Policy owners can even take withdrawals from the cash value late in the policies life, and still have enough value to keep the policy in force for the entire life of the inPolicy owners can even take withdrawals from the cash value late in the policies life, and still have enough value to keep the policy in force for the entire life of the inpolicy in force for the entire life of the insured.
In today's low interest rate environment, these policies only earn the minimum guaranteed rate and many are lapsing or the owners, often retirees, are forced to pay significantly higher premiums to keep the coverage.
Premiums are paid by the owner of the policy to keep the life insurance contract «In Force»..
Unlike regular term policies, return of premium term life insurance rewards you for keeping the policy by giving a guaranteed return of your total cumulative premium paid on the policy during the level term period, not including substandard (extra charges for health) and rider charges (extra benefits such as disability coverage), if any, which will be paid to the policy owner at the end of the level term period if the policy is then in force.