Sentences with phrase «premium during the policy year»

It is defined as the number of times that you decide to pay premium during the policy year.

The amount payable as Death Benefit is reduced by the outstanding loan amount, accumulated interest and due premiums or the unpaid premiums during the policy year in case of death.

Not exact matches

For example, if you purchased a 20 - year $ 500,000 level term policy, should you die at any point during the 20 year term due to a covered event (and have paid all premiums) the beneficiary would receive a $ 500,000 payout.

In a term life insurance policy, you pay an annual premium that covers the risk of death during that year.

If the company finds you lied about a health condition or lifestyle, it can raise your premium, cancel your policy or deny a beneficiary's claim to the death benefit, particularly during the two year contestability period.

That means that during the first two years of your policy being in force, if you die of health - related issues, your beneficiary will only get back your premiums, plus a small amount of interest.

If the insurer approves your application but then finds out about the misrepresentation during the contestability period — usually the first 2 years of the policy — it can cancel the policy and return the premiums you've paid (minus any fees).

If you were to die during the first few years of the policy, most life insurance companies will generally issue a refund of your premiums to your beneficiaries in lieu of the actual death benefit.

Top up for ICICI Pru Group Immediate Annuity and Exide Life Golden Years premiums, is an extra amount of money that you can pay at any time during the policy term.

Top up for Exide Life Golden Years and Future Generali Leave Encashment premiums, is an extra amount of money that you can pay at any time during the policy term.

Top up for Exide Life Golden Years and IDBI Federal Growth Insurance premiums, is an extra amount of money that you can pay at any time during the policy term.

Top up for Elite Advantage and Exide Life Golden Years premiums, is an extra amount of money that you can pay at any time during the policy term.

Top up for ICICI Pru Loan Protect Plus and Exide Life Golden Years premiums, is an extra amount of money that you can pay at any time during the policy term.

Seven - Pay Test This is the maximum annual premium that can be paid during the first seven policy years (or after a material change) without causing a cash value life insurance policy to become a Modified Endowment Contract (a MEC).

If the premiums paid during any Policy Year exceed the maximum amount permitted under the GPT, we will return to you the excess amount.

If you pass away during the first two years of the policy, you will simply get 110 % of your premiums back.

However, you can choose to convert to a fixed - premium permanent policy at any time during the first 7 years of the term.

In an annuity, first year premiums are any payments used to initially purchase the policy or that are paid during the first year.

If the life insurance premium has been paid for a minimum term of two years, and if the insured dies during the term of the life insurance policy.

Term life insurance assumes the risk that the policyholder will die during the policy's term - typically between 10 and 30 years and, therefore, the premiums remain the same throughout the entire term of the policy.

With level term life insurance, in which your premiums remain fixed during the initial policy term, «you overpay in early years, and you're effectively underpaying in later years,» Witt says.

Also unlike the express option, with Answers you are able to convert your policy into permanent coverage (eligible for people between 45 and 85 years of age), and your premium rates are guaranteed to never increase during your term.

This policy provides a graded benefit, which means that if death of the insured that is due to natural causes — in other words, death that is caused by means other than an accident — during the first two years in which the policy has been in force, the named policy beneficiary will only receive back all of the premiums that were paid in, plus 10 percent, as versus the face amount of the policy.

Modified Premium Whole Life Insurance: It is like traditional versions, but you can alter the premium payments during the first few years of the policy.

If the insured dies during the first two years of the policy, for a reason OTHER than an accident, the carrier will only return the premiums paid plus some interest.

If you pass away during the first year of the policy, they will refund 110 % of your annual premium.

There are 2 types of graded policies: return of your premium during the first 2 years + interest OR a percentage of the death benefit.

At the end of the policy term the motorist receives a rebate of up to 50 % of their premium for lower mileage (in this case, a rebate up to $ 250 if they drive less than 10,000 kms), or their premiums can increase up to 50 % if they drive more than the current maximum (in this case, they could pay up to $ 750 if they drive 30,000 kilometers during the policy year).

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.

During the first few years, your coverage amount (death benefit) is only the premiums you have paid into the policy + a few percentage points.

If you were to die during the first few years of the policy, most life insurance companies will generally issue a refund of your premiums to your beneficiaries in lieu of the actual death benefit.

In addition to a higher monthly premium, your policy will not pay out a death benefit if you pass during the first two years.

If an insurer finds evidence of misrepresentation during the the first two years of the policy — the period when an insurer can review and contest the policy terms — then it can cancel the policy and return the premiums you've paid.

If the insurer approves your application but then finds out about the misrepresentation during the contestability period — usually the first 2 years of the policy — it can cancel the policy and return the premiums you've paid (minus any fees).

However, it is also possible to «back - load» the cost of the policy by choosing lower premiums during the first few years of the policy's life; the premiums increase each year to a set point and then remain consistent for the duration of the policy.

For example, if you purchased a 20 - year $ 500,000 level term policy, should you die at any point during the 20 year term due to a covered event (and have paid all premiums) the beneficiary would receive a $ 500,000 payout.

For a period of time during the 1980s and» 90's, it was not uncommon for the annual dividend to exceed the total premium at the 20th policy year and beyond.

No Lapse Guarantee1 The policy is guaranteed to remain in force during the first five policy years if the total premium paid (less withdrawals and indebtedness) is at least equal to the cumulative monthly no lapse premium required.

In addition to higher premiums, insurance companies that issue guaranteed life policies protect themselves against risk in two additional ways: (1) by offering relatively low payouts, and (2) by typically not providing a death benefit during the first two years after issuing the policy (if the policyholder dies during this time, the company issues a refund of premiums instead).

Term life policies provide coverage for a set number of years — and usually, during this time period, both the proceeds and the premium due will remain the same.

This means that if you happen to die during the first two years that instead of you beneficiaries getting the full amount of the policy they will receive only premiums that were paid plus a little bit of interest.

If you surrender such a policy during the first few years, you may get little or nothing back and much of your premiums may have been used for company expenses.

In a term life insurance policy, you pay an annual premium that covers the risk of death during that year.

The annual premium you pay is guaranteed not to change during the course of your policy term, whether it is 5 year, 10, 20 or up to 30 years.

-- During the first few years of this kind of policy, you will have a higher monthly premium than you would with a term life policy.

The third party premium may increase as per regulatory guidelines every year, by buying long term policy, the Third Party component of your premium gets fixed at the current rate resulting in effective saving overall during subsequent years.

I have said frequently on this blog, that I can not see the value in having typical people making whole life policy premiums during their retirement years.

However, if the insured dies from a natural cause during the first two years of the burial policy, the beneficiary will receive all premiums paid plus 10 %.

However, during the early years of a whole life insurance policy, the savings portion brings very little return compared to the premiums paid.

Basically, if you pass away during the first two years of your policy, the insurer will refund 110 % of your premiums.