Sentences with phrase «payout upon the death of the insured»

A death benefit, also known as the coverage amount, is how much will payout upon the death of the insured person.

Not exact matches

Sometimes referred to as joint life insurance, this type of coverage offers death benefit payout either upon the death of the first insured or the death of the second.

While mortgage life insurance works in much the same manner as a regular life insurance policy does, with the payout of death benefits upon death of an insured, in many instances, these types of policies will only require a minimal amount of underwriting for approval.

For instance if an insured has four children, the contract owner could name each child a 25 % primary beneficiary, meaning each child will receive 25 % of the total death benefit upon payout.

By choosing this rider, the assigned nominee / family of the life insured is provided with the monthly income apart from the lump sum payout they get upon the death of the insured.

Upon the death of the life insured the company will to the nominee the Sum Assured on death along with Additional Sum Assured under Life Stage Plus Option, if any less Payout Accelerator Benefit already paid, if any.

The only time there is a payout made is upon the death of the insured during the term (duration) of the policy.