Sentences with phrase «person dies during the term»

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.

Term life insurance, as the name suggests, is a life insurance policy that covers a set number of years and would pay the lump sum death benefit to the beneficiary if the insured person died during the term of the policy.

It means if a person dies during the term of policy then only his beneficiaries will get some money otherwise at maturity, at the end of the term there is no benefit)

Not exact matches

Take life insurance as an example: you pay for a policy, and if you die during the term then that money (the death benefit) goes to the person you named as your beneficiary on the policy.

Life insurance for elderly people costs substantially more as they are at a greater risk of dying during the term.

It is the cheapest form of life insurance since it only pays the death benefit if the insured person dies during the specified term period.

First of all, if a person contracts a terminal illness during their life insurance term, but does not die before their life insurance term expires, they will be left with a terminal illness and no insurance.

The death benefit is paid to the beneficiary if the insured person dies during the one year period of time in which they term lasts for.

The premium that is paid for a one year life insurance policy would be based on the actual probability that the person who has the insurance would die during the year that the term lasts.

A life insurance policy is designed to pay out a cash lump sum if the person (s) insured dies during the term of the plan; this will guarantee that the beneficiaries will not be faced with financial difficulties even though they now face a loss of income.

Take life insurance as an example: you pay for a policy, and if you die during the term then that money (the death benefit) goes to the person you named as your beneficiary on the policy.

If the person insured dies during the term, then the beneficiary listed will receive the death benefit.

A term life policy, which could be in force for 10, 20 or even 30 years, will be cheaper, because it does not have a savings or investment component, and it only pays out if the insured person dies during the time the policy is in place.

If you choose a 10 or even 20 year term, for instance, and you die during that period of time, the people you care about and who you have named as your beneficiaries will be given a benefit as compensation.

If a person died after 6 months of buying the term insurance policy, but claim it after completing of 3 yrs of policy starting date, and had paid all the premiums on time for three years.but he has not informed about the death of person insured to the company during the three year period.it is possible to get claim settled??

Term life insurance is not permanent, and insurance companies calculate that the chances of an insured person dying during the policy's active years is lower if the insurance will only last for a limited amount of years.

However, if the insured person dies during the policy term, the full death benefit will be provided to the beneficiaries.

If the insured person dies will the coverage is «in force», which is during the covered length of the term, the beneficiaries will receive a full death benefit.

If the insured person does not die during the term, the insurance company retains the premiums paid throughout the life of the policy, no insurance claim is filed and no death benefit is paid out.

Term insurance is the simplest form of life insurance plan that offers comprehensive life coverage over a period of time and in case the insured person dies during the tenure of the policy, the guaranteed death benefit is payable to the nominee of the policy.

When the person assured dies during the Term of the policy i.e. before the date of maturity, proceeds under the policy as a claim, is payable to the beneficiary which is called a Death claim.

The nominee gets the sum assured if the insured person dies during the policy term.

We're not sure what you mean by «regular» life insurance, but the most common coverage purchased is «term» life insurance, which people generally carry during their working years to replace lost income for dependents if you were to die prematurely.

When a person insured by a life insurance policy dies during the term of the policy the proceeds are paid to the beneficiary or beneficiaries.

With term life you select the duration of coverage and pay your premiums each month (or annually) and the insurer agrees to pay out a death benefit to the person you choose (beneficiary) upon your passing, if you die during the term of your life insurance policy.

If you die during the «term» of your policy, your «beneficiaries» (people you choose) will receive the full death benefit from your life insurance policy tax free.

The death benefit of a term life policy is paid out if the insured person dies during the duration of the policy «term».

Pure term plans pay a benefit if the insured person dies during the policy term.

Since only about 2 % percent of people ever die during the term of their term life policy, why not recoup the premiums at the end.

You pay a premium for a period of time (the term) from one to thirty years and if you die during that time the insurance is paid to the person or persons you designate to receive it — called the beneficiary (ies).