Sentences with phrase «owner of the permanent life insurance»

On the other hand, many owners of permanent life insurance policies can't afford them, and end up surrendering the policy (and the cash value) prematurely.

On the other hand, many owners of permanent life insurance policies can't afford them, and end up surrendering the policy (and the cash value) prematurely.

However, because term life insurance doesn't have a cash value, that does mean you can't do some fun things that owners of permanent life insurance policies can do, like borrow against your life insurance policy.

Not exact matches

People who need permanent life insurance protection but wish to take advantage of possible cash accumulation via an equity index might use IULs as key person insurance for business owners, premium financing plans or estate - planning vehicles.

Even with permanent life insurance, the problem with the approach of cancelling one policy and starting a new one with a different life insurance company may cause the owner of the policy to pay penalties and taxes that would otherwise have been avoided.

Dividend paying whole life insurance is a permanent life insurance policy where the insurance provider offers a return of premium to the policy owner in the form of a dividend.

Flexible Premium Policy: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium payments.

Flexible Premium Variable Life Insurance: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium paymeLife Insurance: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium Insurance: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium paymelife insurance policy in which the policy owner may vary the amount or timing of premium insurance policy in which the policy owner may vary the amount or timing of premium payments.

Life insurance proceeds are almost never taxed, but there are a few cases in which owners of permanent insurance policies will see Uncle Sam take a little bit of money off the top.

With this policy, the policy owner does have the option of converting the term life insurance policy over to a new permanent life insurance certificate — without having to prove evidence of his or her insurability — until the earlier of the certificate anniversary on which the insured is age 65, or 5 years prior to the end of the initial term period.

A type of Permanent Life insurance that gives the policy owner flexibility with regard to the face amount and premium amounts, which can be modified to respond to changing needs and circumstances.

Whole life insurance defined: A whole life policy is a type of permanent life insurance where a contract is entered into between the policy owner and insurer, for a policy, which covers the life of the insured, for a specified insurance coverage amount, for the benefit of a beneficiary.

A convertible term life insurance policy can be converted by the owner into a permanent life insurance policy during a specific period of time, without requiring an exam or proving the insured is healthy.

A type of permanent life insurance that gives the policy owner flexibility with regard to the face amount and premium amounts.

For permanent life insurance, some policies contain investment options that can pay out dividends to owners, which can thereby reduce the cost of the premium.

The other main kind of life insurance is permanent life, which builds up cash value that policy owners can borrow against and eventually use to cover premiums for the rest of their lives.

A type of Permanent Life insurance that gives the policy owner flexibility with regard to the face amount and premium amounts, which can be modified to respond to changing needs and circumstances.

However, term life insurance generally comes with a conversion option which allows the owner to convert the policy into permanent insurance with no proof of insurability.

Flexible Premium Variable Life Insurance: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium paymeLife Insurance: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium Insurance: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium paymelife insurance policy in which the policy owner may vary the amount or timing of premium insurance policy in which the policy owner may vary the amount or timing of premium payments.

The owner is also the person who can make changes to the policy and take cash out of the policy (if it is permanent life insurance that allows that feature).

The traditional permanent or whole life insurance ensures the policy owner of minimum returns on the cash value.

Flexible Premium Policy: A type of permanent life insurance policy in which the policy owner may vary the amount or timing of premium payments.

A conversion option is typically included and allows the owner of the term policy to covert all or a portion of the term into permanent coverage, such as universal life insurance, without proof of insurability — that means no health questions or medical exam.

A conversion option is a life insurance rider that allows the owner to convert all or a portion of the term coverage into a permanent life insurance policy.

In addition, a term to 70 policy may offer the option of convertibility which means the policy owner may convert the term insurance into a permanent life insurance policy for a higher annual premium.

With permanent life insurance coverage, though, as long as you don't let your policy lapse, your premiums are guaranteed not to increase for the rest of the owner's life.

While policy owners are allowed to withdraw funds from the cash value component of a permanent life insurance policy — subject to the amount of the available funds that are in the account — a withdrawal that exceeds the amount of cumulative premiums that have been deposited can be taxed.

A term life insurance conversion allows the policy owner to convert their term life insurance into a permanent policy with NO evidence of insurability.

Life insurance proceeds are almost never taxed, but there are a few cases in which owners of permanent insurance policies will see Uncle Sam take a little bit of money off the top.

Because there may be an undetermined amount of time in which the current owner will stay as a partner or shareholder, it is best to use permanent coverage to avoid any chances of lapsing where the life insurance wouldn't have the opportunity to take effect as planned.

The owner of the policy can convert the coverage to permanent life insurance with no medical exam or health questions.

This means that the policy's owner has the right to change it into a permanent type of life insurance without additional evidence of insurability.

Dear Cindylou, Yes, as the «owners» of the policies, you and only you have the right to borrow from the cash value — the reserve that builds up in permanent life insurance, such as whole life.

Guaranteed Insurability Rider DEFINITION: an optional rider attached to permanent life insurance policies that allows the owner to elect to purchase additional life insurance death benefit coverage periodically at certain attained ages, or alternatively, upon certain special occasions such as marriage and the birth of a child.

There are two main types of life insurance that business owners need to be aware of: Term and Permanent Life Insurance, which includes Whole and Universal Llife insurance that business owners need to be aware of: Term and Permanent Life Insurance, which includes Whole and Univerinsurance that business owners need to be aware of: Term and Permanent Life Insurance, which includes Whole and Universal LLife Insurance, which includes Whole and UniverInsurance, which includes Whole and Universal LifeLife.

Most term life insurance policies include a conversion option rider allowing the owner to convert to a permanent policy with no proof of insurability, i.e. no health screening.

A conversion provision allows the owner of the term life policy to convert from the term life insurance policy to a permanent life insurance policy during a specified period of time without having to show that the insured is in good health.

These forms of permanent life insurance can all give the owner access to cash by being surrendered, loaned against, or having cash withdrawn before the insured person passes away.

Owners of closely held businesses may find that if they die, the proceeds of a permanent life insurance policy can help their children keep the business going while they determine what to do with it.

However, most existing permanent life insurance was issued under «old» mortality tables with a maximum age of 100 (or even age 96), which means most permanent life insurance owners still have to contend with the possibility that they can actually outlive their life insurance... and face the tax consequences that come with it!

With this policy, the policy owner does have the option of converting the term life insurance policy over to a new permanent life insurance certificate — without having to prove evidence of his or her insurability — until the earlier of the certificate anniversary on which the insured is age 65, or 5 years prior to the end of the initial term period.

Best option: Term life or permanent life insurance depending on the goals of the business owner (s).

With few exceptions, most term life insurance contractually offers the ability for the owner of the policy to convert his / her policy into a «permanent» policy at the same health rating of their current policy without evidence of insurability.

This means that at the end of the guaranteed period, the owner of the contract has the option to convert the life insurance coverage to a permanent whole life policy.

Permanent life insurance can be one of the most versatile retirement tools available because the owner controls the contribution and distribution of the account value.

Permanent cash - value life insurance offers a source of potentially income tax - free funds, because withdrawals generally come first from the policy owner's basis.

Whole life insurance defined: A whole life policy is a type of permanent life insurance where a contract is entered into between the policy owner and insurer, for a policy, which covers the life of the insured, for a specified insurance coverage amount, for the benefit of a beneficiary.

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This is a feature of permanent life insurance which is not enjoyed by owners of term life insurance.