Sentences with phrase «policy inforce»
The phrase "policy inforce" means that an insurance policy is active and in effect. Full definition
Policyowners pay a certain amount, called premiums, to keep their life insurance policies inforce, or active.
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In order for the personal property to have coverage you would need to keep the home policy inforce.
Policyowners pay a certain amount, called premiums, to keep their life insurance policies inforce, or active.
The premium is the amount of money you will have to pay to the insurance company to keep your insurance policy inforce, or active.
The policyowner pays premiums to keep the policy inforce and, in exchange, the life insurance carrier promises to pay the benefit.
That means if you have enough money in the cash value, you can use that to skip premium payments entirely, letting the accrued interest do the work — but keep in mind that this can typically only be done after the first year of the policy, and only if there's at least enough cash value in the policy to keep the policy inforce for another 60 days.
The premium is the amount of money you will have to pay to the insurance company to keep your insurance policy inforce, or active.
The policyowner pays premiums to keep the policy inforce and, in exchange, the life insurance carrier promises to pay the benefit.
However, to keep the policy inforce, the survivor must continue to pay the regularly scheduled premiums.
That means if you have enough money in the cash value, you can use that to skip premium payments entirely, letting the accrued interest do the work — but keep in mind that this can typically only be done after the first year of the policy, and only if there's at least enough cash value in the policy to keep the policy inforce for another 60 days.
Most insurance companies allow you to re-apply 1 - 2 years after putting your policy inforce.
Your aunt is likely paying a large premium to keep this policy inforce.
This is exactly what it sounds like — as long as you pay the premiums keeping the policy inforce, it will last your entire lifetime and the insurance company will pay out a death benefit to your beneficiaries when you die.
With a permanent life insurance plan, the charity is guaranteed a considerable contribution upon your death (pending of course you pay the premiums and keep the policy inforce).
It'll reduce the death benefit by a good amount, but it'll keep the policy inforce without future premiums, and the cash will remain and continue to grow.