Sentences with phrase «placed against the death benefit»

When a claim is submitted a lien is placed against the death benefit.

Not exact matches

You have to borrow against your own money and double your interest rate that you get in return, they have up to 6 months to give you a loan again which is your money in the first place, when they pay out the benefit of the insurance they only get the death benefit or the cash value but if there's a loan taken out of the cash value that gets subtracted as well as the interest rate on the loan.

While not to take the place of a savings account, some permanent insurance products have a cash value component that accumulates interest which can be used, via surrendering the policy or borrowing against it, for future expenses such as medical bills; however, the value grows more slowly than a typical investment plan and if you don't repay the policy loans with interest, your death benefit will be reduced.

I know insurance companies would argue against this, but if you've had a policy in place for several years and it lapses because you miss a payment, do you think they have a strong interest in reinstating it, or possibly just calling all of the payments made as profit with no further need to worry about paying a death benefit?