Sentences with phrase «passes than the death benefit»

What this means is that if one partner / spouse passes than the death benefit pays out.

Not exact matches

This may be better than Social Security or a life - only income option from your defined - benefit pension, where nothing passes to heirs upon your death.

Continuing under the assumption that you have a defined benefit pension plan that will pay you $ 50,000 per year until you pass away I would say that your pension plan is more similar to a life annuity rather than a GIC since a GIC comes to term whereas an annuity pays until death, but if you are trying to put a value on the holding of your pension plan I would say that yes, it is fair to count it as a million dollar GIC at 5 %.

Whether you are the sole breadwinner, one half of a joint - income couple, or a stay - at - home - parent, a term life insurance death benefit (the funds that your beneficiaries will receive upon your passing) can do much more than add a temporary boost to family finances and pay for funeral and burial expenses.

Then when you pass away, your heirs would receive nada bupkiss el zilcho (unless you paid the insurance premium to provide a death benefit, then you'd get about 15 % less paycheck than with American Funds).

Because they buy it for less than the death benefit, (but more than your cash value), before receiving the death benefit after you pass away.

This means that if the insured passes away within the first two or three years that the policy is in force, the named beneficiary will only receive a portion of the death benefit rather than the entire stated amount.

A survivorship life insurance policy is one which where the death benefit is spread across more than one life; it is also called second - to - die life insurance because it does not pay out until after both insureds have passed.

The suicide exclusion is one that does create concern for beneficiaries, however in most cases insurance companies will pay the death benefits if more than two years have passed after the policy took effect.

Even after you have passed away, most insurers will allow the death benefit to be spent on whatever is required rather than forcing your loved ones to spend it in certain areas.

Leaving your life insurance death benefit to a charity can help you pass on a larger gift than you would have been able to give during your lifetime.

This means that even after the insured has passed away, the total amount of premium that he or she paid into the policy over time — combined with such funds» invested return — will be more than what the insurer will pay out in the form of a death benefit on the policy, resulting in a profit to the insurance company.

The death benefit that your loved ones will be able to receive upon your passing will most likely be less than that offered by a policy that requires an exam.

As a result, even if a policyowner never pays more than a single $ 1,000 premium for a $ 1,000,000 death benefit and then passes away, the heirs will receive the implicit $ 999,000 gain entirely tax - free.

If the applicant passes away during the limited or graded benefit period (first two or three years of the policy) from anything other than an accident, then the death benefit will not be paid, just the premiums paid will be returned with some interest to the beneficiary.

If, however, the insured passes away after owning this policy for more than two years, then the entire amount of the stated death benefit will be paid out (minus any unpaid cash value loan balance).