Sentences with phrase «pays a death benefit to the beneficiary of»

Term life insurance is a less expensive life insurance option and a good choice when you are on a budget because it is temporary and only pays a death benefit to beneficiaries of the policy if the insured dies during the limited term of the policy.

You agree to pay the insurance company «premiums» on a regular basis (usually monthly) and in return, the insurance company agrees to pay the death benefit to the beneficiary of your insurance policy upon your death.

A life insurance policy in the state of Ohio is a legal contract that states that you (the insured) will pay a life insurance company a premium and the life insurance company will pay a death benefit to a beneficiary of your choice.

Not exact matches

«A ruling by a Louisiana appeals court recently stated that the entire death benefit from a single premium annuity plan paid to the beneficiary named in that plan was subject to inheritance tax because it was part of the deceased annuity owner's estate,» says annuities specialist Steven Hart.

If you were to die before paying back your policy loan, the loan balance plus interest accrued is taken out of the death benefit given to your beneficiaries.

If you die, but not because of an accident (e.g. cancer), within the first two years, the death benefit will not be paid out, however, all your paid premiums plus a little interest will be paid to your beneficiaries.

With a guaranteed issue life insurance policy, if you die because of an accident (e.g. a car crash) within the first two years, the full death benefit will be paid to your beneficiaries.

If you do designate your child as your beneficiary, when the insurer pays out, the death benefit will go to a trust overseen by a court - appointed guardian, who will hold onto the money until the child reaches the «age of majority.»

In case of death before retirement, your policy will pay a benefit to the beneficiary — in most cases, the spouse or children.

Protection for your group members — Death benefit is paid in event of death of the life insured by the company to the beneficDeath benefit is paid in event of death of the life insured by the company to the beneficdeath of the life insured by the company to the beneficiary.

If you pass away during this period of time, the insurer wouldn't pay the full death benefit to your beneficiary.

The death benefit for both term and permanent life insurance is paid to your beneficiaries free of income tax.

Life insurance policies have a variety of tax benefits, such as the death benefit paid to beneficiaries being free of income tax.

Term life insurance pays a death benefit to the policy beneficiary if the policyholder dies within the term of the policy.

Term life insurance policies are temporary and only pay out a death benefit to the beneficiary if the policyholder dies within the term of the policy.

With most term life insurance policies, the death benefit — the portion of money that's paid out to beneficiaries — works the same way.

The main difference between term life and permanent insurance is that term insurance only pays death benefits to your beneficiaries, while permanent life insurance pays out death benefits and accumulates cash value which will continue to build up over the life of the policy.

Life insurance companies pay a death benefit (sometimes in the millions) to the beneficiaries of an insured if they die.

The bank that holds your mortgage is the beneficiary of the policy, and the death benefit will be paid directly to the bank to clear your mortgage.

It is quite different from term insurance, which covers you for set number of years and only pays death benefits to your beneficiaries.

Liberty Bankers can not be responsible for tax consequences caused by incorrect beneficiary designations: death benefits will be paid to the beneficiary on record as of the date of the annuitant's death.

Cash value life insurance refers to a type of life insurance that, in addition to paying out a death benefit to your beneficiary or beneficiaries upon your death, accumulates cash value inside the policy while you are alive, that you can use for whatever you please.

The main purpose of the policy is to pay a death benefit to the beneficiary named in the policy.

Whole life insurance will pay out a set amount of money to your beneficiaries when you die, called a «death benefit.»

Death Benefit: For QLACs with return of premium and / or death benefit riders, beneficiaries will receive any remaining value in the contract in the case of the annuitant's premature death, amounting to the difference between the initial premium paid and the cumulative income payments receDeath Benefit: For QLACs with return of premium and / or death benefit riders, beneficiaries will receive any remaining value in the contract in the case of the annuitant's premature death, amounting to the difference between the initial premium paid and the cumulative income payments reBenefit: For QLACs with return of premium and / or death benefit riders, beneficiaries will receive any remaining value in the contract in the case of the annuitant's premature death, amounting to the difference between the initial premium paid and the cumulative income payments recedeath benefit riders, beneficiaries will receive any remaining value in the contract in the case of the annuitant's premature death, amounting to the difference between the initial premium paid and the cumulative income payments rebenefit riders, beneficiaries will receive any remaining value in the contract in the case of the annuitant's premature death, amounting to the difference between the initial premium paid and the cumulative income payments recedeath, amounting to the difference between the initial premium paid and the cumulative income payments received.

The Legalese «The Acceleration of Death Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rDeath Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rdeath benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rdeath of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.»

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.

Death Benefit Protection — Your entire accumulated value will be paid to your beneficiaries, who can elect to receive their benefits in a lump sum or series of payments.

On top of the death benefit amount, this option allows any amount left in the policy fund to accumulate cash value and the total to be paid tax - free to the beneficiary.

At death, the entire face amount, which is composed of the base death benefit and investment, is paid to the beneficiary tax - free.

In the event of the insured's death, a life insurance death benefit will be paid to the named beneficiary on the policy - provided a claim is filed.

However, the primary purpose of these policies is still to pay out a death benefit to your beneficiaries when you pass away, and this benefit makes up a significant portion of the cost of buying a policy.

And upon the death of the second spouse, the remaining death benefit is paid out to the beneficiaries.

With a guaranteed issue life insurance policy, if you die because of an accident (e.g. a car crash) within the first two years, the full death benefit will be paid to your beneficiaries.

The insurance company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured.

The inner - workings of cash value life insurance consists of a life insurance policy, which is a contract between the policy owner, the insured (often the same person), and the insurer, where the insurer agrees to pay a death benefit to the policy's beneficiary, based on the owner continuing to make the policy's premium payments.

Whole life requires the policy owner to pay a fixed monthly premium for the rest of their life, and upon death, the company will payout the face value of the policy (death benefit) to the beneficiary.

The universal life insurance coverage extends to two people and pays the death benefit to the beneficiary upon the death of the second insured.

For DIAs with return of premium and / or death benefit riders, beneficiaries will receive any remaining value in the contract in the case of the annuitant's premature death, amounting to the difference between the initial premium paid and the cumulative income payments received.

Just like we saw with whole life insurance, the death benefit works in exactly the same way in that it will be paid to the beneficiary as long as the insured passes away within the dates of the policy, i.e. the contract.

Back in the day, any form of flying was considered extremely hazardous and most life insurance companies would either force the applicant to pay an exorbitant amount or they would add an aviation exclusion clause to the policy, in other words, if you died as the result of a plane crash, your beneficiaries wouldn't receive the death benefit.

The repayments that you then make to your life insurance policy will usually have a low rate of interest — and, if you do not end up paying back these funds, the amount of the unpaid balance will be deducted from the death benefit that your beneficiary receives.

If you die within that specific period of time, the life insurance carrier pays a death benefit to your beneficiaries.

If you have an outstanding loan on your whole life insurance policy when you die, the death benefit that is paid out to your beneficiary (or beneficiaries) will be reduced by the unpaid amount of..

An accident death benefit rider pays out an additional death benefit to the beneficiary (that's above the current benefit limit of the policy) if you should die as a result of an accident.

Benefit: For life insurance, it is the amount of money specified in a life insurance contract to be paid to the beneficiary upon the death of the insured.

If the policyowner dies while the policy remains in effect, the death benefit is paid out to the listed beneficiary or beneficiaries, while the cash value becomes the property of the insurance company.

Cash value life insurance is more applicable to wealth building discussions because cash value is typically used during the policy owner's lifetime and is forfeited upon death in lieu of the death benefit being paid to surviving beneficiaries.

For life insurance policies that pay death benefits in the form of a lifetime payout, the portion of the payout that is not subject to tax if the policy has no refund provision or stated time period guarantee which is determined by dividing the amount of the death benefit by the life expectancy of the beneficiary.

In cases where the employer of your spouse is the owner of the policy on behalf of your spouse, and the beneficiary is you or the employer, any proceeds above the premiums paid are considered to be taxable income to the death benefit's recipient.