Sentences with phrase «owner of the term life policy»

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.

Not exact matches

While owners of many term life insurance policies have the right to renew the policy once the period draws to a close, the cost will increase upon renewal, and can be considerable.

Term life insurance is defined as a contract between the owner of the policy and the insurer, for a policy on the life of the insured, whereupon the insured's death, the insurer pays a lump sum death benefit to the beneficiary.

The policy is convertible term life insurance, which allows the owner of the policy to convert all or a portion of the coverage to whole life insurance coverage before the term policy expires or age 65.

The policy is convertible which allows the owner to convert the policy to whole life prior to the end of the term.

Term life offered through United of Omaha is convertible which allows the owner to convert the policy to permanent life prior to the end of the tTerm life offered through United of Omaha is convertible which allows the owner to convert the policy to permanent life prior to the end of the termterm.

When coupled with a life insurance policy, the hybrid LTCi owner will also have the advantage of passing dollars on to family on an income tax - free basis if the policy was never accessed for long term care coverage.

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 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.

Owners of hybrid life insurance policies will know their daily (or monthly) long term care benefit amounts at onset and as the policy grows.

Lastly, a policy owner does not collect anything at the end of the term, provided that he / she is still living.

A type of term life insurance that pays all premiums back to the policy owner at the end of the term if the insured is still living, or percentage of the premiums if the policy is cancelled before the term ends.

For example, if you own a 20 year return of premium term life insurance plan and the 20 year term has expired, the premiums paid by the owner of the life insurance policy will be returned.

Most term life insurance policies will allow the owner of the policy to renew until age 95.

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.

A type of Term Life insurance that returns the equivalent all premiums back to the policy owner at the end of the term if the insured is still livTerm Life insurance that returns the equivalent all premiums back to the policy owner at the end of the term if the insured is still livterm if the insured is still living.

Beyond the scope of this article Term Life Insurance Best Candidates, often small business owners need a short term life insurance policy to assist in filling some financial nTerm Life Insurance Best Candidates, often small business owners need a short term life insurance policy to assist in filling some financial nLife Insurance Best Candidates, often small business owners need a short term life insurance policy to assist in filling some financial nterm life insurance policy to assist in filling some financial nlife insurance policy to assist in filling some financial need.

A few carriers that offer Accelerated Death Benefits, Living Needs Benefits or Long Term Care benefits provide another option, which allows the owner to surrender the policy at certain time for a refund of premiums paid.

When you start researching term life insurance for your working spouse, know that he or she will still be the owner of the policy.

Renewable Term Life Insurance that is in force for a stated period, and can be renewed by the policy holder (or owner) at the end of each term for a limited number of terms without proving insurability of the insTerm Life Insurance that is in force for a stated period, and can be renewed by the policy holder (or owner) at the end of each term for a limited number of terms without proving insurability of the insterm for a limited number of terms without proving insurability of the insured

-- As opposed to a term policy, which expires with no payout or cash value at the end of the term, a permanent policy covers the policy owner throughout all of his / her life without an unwanted adjustment in premiums.

Owners of hybrid life insurance policies will know their daily (or monthly) long term care benefit amounts at onset and as the policy grows.

Like any other type of life insurance, term life insurance represents a legal contract between the owner of the policy and the insurance company, and like any type of contract, it has a language of its own.

In legal terms, life insurance is a contract between a policy owner and insurer, wherein the latter agrees to reimburse the occurrence of the insured individual's death or other event such as terminal illness or critical illness.

Return of Premium Term Life Insurance (ROP Term)-- Return of premium policies are essentially level term life insurance plans which return 100 % of paid premiums to the policy owner at the end of the level perTerm Life Insurance (ROP Term)-- Return of premium policies are essentially level term life insurance plans which return 100 % of paid premiums to the policy owner at the end of the level perLife Insurance (ROP Term)-- Return of premium policies are essentially level term life insurance plans which return 100 % of paid premiums to the policy owner at the end of the level perTerm)-- Return of premium policies are essentially level term life insurance plans which return 100 % of paid premiums to the policy owner at the end of the level perterm life insurance plans which return 100 % of paid premiums to the policy owner at the end of the level perlife insurance plans which return 100 % of paid premiums to the policy owner at the end of the level period.

Term life insurance policies provide a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period.

Recently, a younger business owner client of mine was inquiring about purchasing a term life insurance policy.

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.

If you are a business owner and want to buy a life insurance policy on the key employee which will provide a death benefit until that employees retirement then Return of Premium Term might be a great option since you will just get all your money back if the loss of life didn't occur and your valuable employee retires.

You see, term life insurance is called «term» because the policy (i.e. the contract between the owner and the insurer on the life of the insured) ends upon the specified timetable in the contract.

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.

Some types of life insurance also give the policy owner the right to «borrow» a portion of the «cash value» within a policy, or to receive an «accelerated death benefit» if you become terminally ill or require confinement in a long term care facility.

In addition, the amount that the policy owner is allowed to borrow may actually be based on the value of the cash account, as well as the terms that are outlined in the life insurance contract.

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

The payouts from term life policies are almost always tax - free, except in situations where the person being insured, the policy's owner, and the beneficiary of the policy are all different people (agents refer to this type of arrangement as the «unholy trinity» or the «Goodman Triangle,» based on the court case that established this rule), or if they would put your estate over the estate tax threshold.

If a covered business owner dies, a life insurance policy can guarantee that the liquid funds will be available to fulfill the terms of the agreement.

Roughly 90 % of life insurance policies sold are term life insurance policies, says Chris Huntley, owner of Huntley Wealth Insurance in San Diego, Calif..

Available on a few life insurance policies, this is one of the disability riders for term insurance that will pay the policy owner a monthly income should whoever is insured under the rider be unable to work due to sickness or injury.

Return of premium term life insurance allows the owner of the policy to recoup all premiums paid upon the end of the term.

It works by returning all premiums paid by the policy owner over the life of the term.

As well business owners who are looking for a way to protect their business that's also tax efficient and will have the protection for life vs. a certain period of time like a term life policy would offer.

Not the most popular of available term life insurance options and is usually offered as supplemental options to property owners, homeowner and multiple policy owners.

The way Springfield, MA term life insurance works, and the reason it's able to accommodate the insurance coverage needs of so many different people, is that the policy owner chooses the length of time or term in which they will be covered by the insurance policy.

The guiding theory behind the need for decreasing term life insurance is that the urgency for adequate life insurance coverage decreases and / or becomes unnecessary as certain levels of policy owner risk becomes more and more unlikely.

And, if the latest statistical trends hold true, as many as 40 % of small business owners may lack the protection of a term life insurance policy.

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.

Purchasing a term life policy instead of a whole life insurance policy will save the owner a lot of money every year that would otherwise be spent on the whole life insurance premiums.

Term life insurance is considered temporary insurance in the life insurance industry as the policy lasts for a specific period of years after which time it expires or is renewed by the owner of the policy.

The policy is convertible which allows the owner to convert the policy to whole life prior to the end of the term.