Sentences with phrase «parent insured dies»

Also, waiver of premium is important because then the insurance continues even if the parent insured dies.

Not exact matches

For instance, it's often up to the custodial parent to make sure the life of the noncustodial parent is insured — this ensures that children continue to have financial support if a parent dies.

Child's Protection Benefit Rider In the event that the premium payer (parent or guardian) dies or becomes disabled, premiums will be waived for the child insured.

If the parent is insured and he dies, there will be no requirement of paying future premiums because they will be provided by the insurance company as per the provisions of the inbuilt waiver of premium benefit

The rider states that if the parent who is the policyholder and life insured under the plan dies during the tenure of the plan, all future premiums payable under the plan will be waived and paid for by the company.

So, the child, who might be the life insured or the beneficiary will not have to worry about paying premiums if the parent dies because the company will take care of the same.

In this case, however, this rider promises the premium contribution on behalf of the parent who is the policyholder and not the insured, when the parent dies during the continuation of the plan.

If the life insured is the parent and if he dies during the period of the plan, a death benefit is immediately paid to the nominee.

After all, if the insured parent dies, the child support payments would also stop and place an increased financial burden on the surviving parent.

Even if the life insured (the parent or guardian) dies during the policy period, the policy continues and all the payouts are made on time.

In other cases, the plan automatically provides for the payment of any future premium if the parent, who is the life insured dies.

However, if the parent i.e. the Life Insured dies within the policy tenure, the nominee or the child would receive the Sum Assured as Death Benefit and the future premiums would be paid by the insurer such that the Fund Value is paid as the Maturity Benefit to the nominee when the policy matures.

If the insured parent dies, then the requirement to pay premiums for the remaining policy term is waived off.

In this plan if the Life Insured, i.e. the parent dies or is diagnosed by a critical illness within the policy tenure, the nominee, i.e. the child would receive the Sum Assured in a lump sum to address the immediate needs of the family and the future premiums would be paid by the company either towards the fund or to the beneficiary.

A Second - to - die insurance policy, also known as survivorship life insurance, covers two individuals, which is usually the parents of a special needs child, and pays out as a lump sum when both insured people pass away.