Sentences with phrase «provisions of the whole life insurance policy»
Not exact matches
A nonforfeiture provision in a whole life policy that uses cash value to purchase term insurance equal to the existing amount of life insurance.
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In point of fact, a common reason to have a sizable and problematic life insurance loan in the first place is when a policyowner stops making premium payments on a whole life policy — because a whole life policy must receive annual premium payments (unless it is fully paid up), and failing to pay premiums will usually trigger an Automatic Premium Loan (APL) provision where the insurance company provides a loan to the policyowner and immediately uses it to pay the premium.
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You can also get the same coverage through a whole life insurance policy at a premium of $ 10,000 per year, but it will also include a cash value accumulation and investment provision with dividends and all kinds of other goodies.
In this way, the benefit of the investment provisions contained in a whole life insurance policy is vastly overrated — by life insurance agents.