Sentences with phrase «primary life insured»

You can opt for «Joint Life Protection» wherein one can opt two lives, yours (primary life insured) and your spouse (secondary life insured) under the same policy.

This option shall only be available where the sum assured of primary life insured is greater than or equal to Rs 60,00,000.

This option shall only be available if the sum assured of the primary life insured is greater than or equal to Rs 60 Lakh.

In case of a minor joint life, Legal Guardian is appointed by the Primary Life Insured / Policyholder at the time of taking the policy.

Sum assured on death for primary life insured will be paid to the nominee and the policy will be terminated.

This life benefit is for the primary life insured only with maximum 50 years of age for the eligible person as per medical underwriting.

Not exact matches

Term life insurance provides affordable coverage for a defined period of years, with its primary purpose to replace income or help pay off outstanding debts if the insured dies during that time.

Here's how it works: life insurance typically replaces lost income, so most people insure their primary breadwinner.

For families with children, if one spouse is staying home, it may be important to have life insurance for that spouse in addition to insuring the primary wage earner.

While coverage can vary from policy to policy, most homeowners insurance policies provide coverage for covered family members living at a residential premises other than the primary insured's residence - AKA a college dorm or apartment.

For example, AIG differentiates the risks of secondary homes based on whether they insure your primary residence, if a full - time housekeeper lives in the home, if a caretaker lives on the grounds of the estate or if a maintenance company checks on the home.

The primary benefit of a conversion option attached to term life is that the insured can convert the policy without proof of insurability.

Life insurance protection comes in many different forms, but the primary purpose of any policy is to provide a death benefit upon the death of the insured.

No - fault coverage extends to every person living in the same house as the primary insured.

Our primary areas of expertise include term life insurance, universal life and equity indexed universal life, disability income insurance, in - force policy review, insuring tough health issues, business insurance including business succession and key man life and disability insurance, as well as estate planning.

It's important to understand — If the insured passes away, and the primary beneficiary dies, and there is no contingent beneficiary — The proceeds of the life insurance policy pass on to your estate, and may be subject to additional taxes and fees that otherwise would not been taken from the proceeds.

That's primary because we're not insuring the physical structure of the buildings in which we live, but only the things we own that we've brought to these homes.

The life insurance would typically insure the divorcing spouse who is the primary wage earner.

Primary Beneficiary The person or entity who, at the insured's death, has the first right to receive life insurance proceeds.

When / if the primary insured dies during the life of the policy than the death benefit will be paid to the beneficiary.

Child (ren) Rider: An optional policy provision that provides a small amount of life insurance coverage on the lives of the primary insured's children.

The party or parties designated to receive the life insurance proceeds if the primary beneficiary where to pass away before or at the same time as the insured.

If the insured and the primary beneficiary have died before the death benefit was paid out, the contingent beneficiary receives the life insurance proceeds.

The person, people or organization that will receive life insurance death benefits if the primary beneficiary dies before the insured.

Typically the premium and face amount are fixed for the life of the primary insured.

Representing over 80 of the nation's highest rated and most respected life and disability insurance companies, MEG's primary areas of expertise include term life insurance, universal life, disability income insurance, in - force policy review, insuring tough health issues, business insurance including business succession and key man life and disability insurance, as well as estate planning.

Life Insurance proceeds will be included in the gross estate if the policy owner was also the primary insured.

All life insurance policies have three primary parties that are required as part of the application process: the insured, the policy owner and the beneficiary (s).

The primary insured is the life that the policy is based on.

Primary areas of expertise include term life insurance, universal life insurance, in - force policy review, insuring tough health risk, business life insurance including key man insurance, business succession planning, disability income insurance and estate planning.

Contingent Beneficiary An individual or entity that is entitled to receive the proceeds of a life insurance policy if the primary beneficiary is not living at the time of the insured's death.

However — If the owner of the policy was also the primary insured, the amount of life insurance will be included in the gross estate for estate tax purposes.

MEG's primary areas of expertise include life insurance, life insurance settlements, insuring tough health issues, business insurance including business succession and key man life and disability insurance, as well as estate planning.

Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries.

In some circumstances, yes, you can insure a vehicle you don't own, but it's difficult to become the primary policyholder on a car that's not yours — and it's extra tricky to get coverage if you don't live with the vehicle's owner.

Common Disaster Provision — To further define who receives death benefits in the event of the simultaneous or nearly simultaneous death of both the insured and primary beneficiary, a common disaster provision can be included in a life policy by the policyowner.

This act allows the court to decide that the life policy proceeds are paid as if the insured outlived the primary beneficiary and if a secondary beneficiary is named, he or she will receive the death benefit proceeds.

The Uniform Simultaneous Death Act — Enacted in 1940 this act allows a court to decide which individual outlived the other in the event that the insured and primary beneficiary died in the same accident and no proof exists of who lived longer.

Joint term plan, where along with the primary policyholder, his spouse or business partner's life is also insured

A contingent beneficiary is the individual (s) designated to receive a death benefit in the event the primary beneficiary (ies) is / are no longer living at the time the insured or annuitant dies.

This undermines the primary purpose of life insurance, as the investors would incur no financial loss should the insured person die.

When the Primary Insured Rider is combined with base coverage, it can reduce premium costs for the amount of coverage as compared to the cost of a permanent life insurance plan of the same face amount.

In addition to simply paying out a benefit upon an insured's death, life insurance policies can also be a primary component of one's overall financial, retirement, and estate planning strategies.

Children's term rider (or children's insurance benefit)- An optional policy rider that provides level term insurance on children or the lives of the primary insured.

If the insured parent isn't the primary caretaker but will be paying child support throughout the child's life, the parent who was slated to receive the payout of the policy may very likely have a case to keep the benefits of a policy.

However, it's important to consider that the primary purpose of life insurance is to insure your financial obligations.

Permanent, participating life - insurance policies like Adjustable Complife can accumulate a cash value; however, the primary purpose of life insurance is to pay the death benefit if the insured dies.

Life insurance protection comes in many different forms, but the primary purpose of any policy is to provide a death benefit upon the death of the insured.

It is important that the primary insured and also the borrower get a life insurance policy and use collateral assignment and transfer the portion of the life insurance to the lender or bank.

Representing over 80 of the most respected life and disability insurance companies, our primary areas of expertise include term life insurance, universal life and equity indexed universal life, disability income insurance, in - force policy review, key man life, business succession planning, insuring tough health issues and estate planning.