Sentences with phrase «pay face amount of the policy»

The main difference between term life insurance and whole life insurance is with term life insurance, when the insured person dies, it just pays the face amount of the policy to the named beneficiary.

You pay a monthly premium and in exchange, if something were to happen to you, the insurance company will pay the face amount of the policy to your beneficiary.

On the death of the insured, it pays the face amount of the policy to the named beneficiary.

If you die during the term period, the company will pay the face amount of the policy to your beneficiary.

Term life insurance is the type of insurance which pays the face amount of the policy applied for upon the death of the insured.

When you die, regardless of how you die, the company will pay the face amount of the policy to your designated beneficiary or beneficiaries.

At any time in the 30 year period, if you should die they will have to pay the face amount of the policy to your loved ones.

If you live to age 100, the company will pay face amount of the policy to you.

A term policy is life coverage only and on the death of the insured it pays the face amount of the policy to the beneficiary.

If you live to endowment age, the company will pay the face amount of the policy to you, tax - free.

Not exact matches

For example, if you are in a car crash and lose your sight in one eye due to a head injury, an AD&D policy would pay out a portion of your policy's face amount to help you pay for medical expenses or simply to help you get back on your feet.

This means it will pay out the face amount of the policy at the insured's time of death.

It's usually worth shopping around and sometimes paying a slightly higher premium for a policy that allows you to reduce the face amount of coverage, if desired, as well as to convert all or a part to a permanent policy through at least age 65.

If death is by accident, some carriers will pay the full face amount, regardless of the in force policy graded period.

The face amount of coverage can go up to $ 20,000, and the full death benefit will be paid out after the insured has had the policy for a period of at least three years.

And remember to include the face amount of any life insurance policies that you already own or have through your employer since these may pay out at your death.

When an insured defaults on his / her obligation to remit payment of a premium, and the policy lapses as a result, the policy may acquire a paid up value such that the face amount of coverage under the policy is reduced in proportion with the number and amount of premiums paid until the date of default.

Get a complete understanding of your policy provisions including the face amount, the term, and the premium you are now paying.

This rider offers an accidental death benefit that is equal to the policy's face amount — and pays out in addition to the whole life insurance benefit if the insured dies as the result of a covered accident.

Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy.

Coverage Amount — The face amount of a policy to be paid to a beneficiary after the policyholder passesAmount — The face amount of a policy to be paid to a beneficiary after the policyholder passesamount of a policy to be paid to a beneficiary after the policyholder passes away.

Generally these can be taken under one of three possible non-forfeiture options: (1) surrender for full cash value; (2) use of the cash value to purchase reduced paid - up life insurance; and (3) use of the cash value to purchase extended term insurance in the full face amount of the original policy for as long as the cash value will pay net premiums.

The life insurance cash value is the amount of money you are given if you cancel (surrender) the policy before you die, while the face amount (death benefit) is the amount your beneficiaries will be paid upon your death.

Should you be certified as having a terminal illness, the policy will pay out up to 50 % of the face amount at the time of acceleration.

After the two - year Graded Death Benefit period, if you die for any reason the full face amount of the policy shall be paid to your beneficiary.

Guaranteed issue policies normally have a two year waiting period before the entire face amount of the policy will be paid to the beneficiary.

It pays the full face amount of the policy in case the insured dies within the term (coverage period), but pays nothing if the insured outlives the policy.

PlanRight Graded Benefit: If death occurs in first two years, the policy pays out 30 % of face amount in year one and 70 % of face amount in year two.

This type of insurance will pay a beneficiary the policy's face amount (or death benefit) only if the insured should die suddenly (and accidentally).

If non-accidental death occurs before two years, the policy will only pay a percentage of the face amount.

For example, a 15 - year term life policy with a face amount of $ 250,000 would pay $ 250,000 to the beneficiary if the insured died any time during those 15 years.

(Note: The cash value of a policy is not the same as the face amount that's paid out as a death benefit to your beneficiaries.

With the accelerated death benefit, if you are diagnosed terminally ill then your life insurance policy will pay out 25 % up to 80 % of the face amount depending on the specific carrier and the face amount of your policy.

If you no longer need the policy you can choose to surrender the policy in year 20 for 50 % return of premiums paid, or in year 25 and receive 100 % of premiums paid up to 40 % of the face amount.

Even if they died in an accident during this time, they would be paid the full final expense policy face amount of $ 15,000.

Like «period certain» payouts, «amount certain» benefits pay out in equal amounts until the face value of the original policy has been exhausted.

When the premiums increase, you're allowed to reduce the face amount of the policy, allowing you to pay the original amount.

This policy provides a graded benefit, which means that if death of the insured that is due to natural causes — in other words, death that is caused by means other than an accident — during the first two years in which the policy has been in force, the named policy beneficiary will only receive back all of the premiums that were paid in, plus 10 percent, as versus the face amount of the policy.

Your face amount is fixed for the life of your policy and will not be cancelled as long as you pay your premiums.

These policies will typically have a face amount of coverage that is between $ 5,000 and $ 25,000 — so in many cases, an insured may also have additional funds in the policy that can be used for paying off other debts, uninsured medical expenses, and other ends of life costs.

There are many types of life insurance, with varying benefits, but the main benefit of a life insurance policy is that it will pay the face amount — the amount of the policy — to the beneficiary if you pass away while the policy is in force.

A portion of your premium payment goes to pay for the actual whole life insurance coverage that is an amount equal to the face value of the policy.

Face Value (also referred to as Face Amount) is the amount indicated in a Life Insurance policy which will be paid out to the beneficiaries in the event of the insured's Amount) is the amount indicated in a Life Insurance policy which will be paid out to the beneficiaries in the event of the insured's amount indicated in a Life Insurance policy which will be paid out to the beneficiaries in the event of the insured's death.

If your income increases, you may need to review the face value (the amount paid to beneficiaries at the policyholder's death) of your life insurance policy.

The long - term care rider pays benefits should you need assistance, but the maximum benefit is typically only a percentage of the life insurance policy's face amount.

In most cases, a life insurance policy that has a charitable giving rider will pay the death benefit amount to the policy's beneficiary (or beneficiaries), and then it will pay an additional percentage — usually 1 — 2 percent of the policy's face amount — to the charitable organization.

The face amount of the policy is always the amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid.

If you are injured or killed in an accident while riding as a fare paying passenger on a bus, train, airplane, ferry, taxi, or other type of common carrier, you are entitled to double the face amount of your AD&D Insurance policy.

It's possible to change many variables in adjustable rate plans including the «face value» or «total value» of the policy as well as the coverage period or the amount paid each month.

The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount.