Sentences with phrase «receives after the death of the insured»

Not exact matches

Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

In the event that the Insured dies after a written request for an accelerated death benefit is submitted but before payment is made and we receive written notice at our home office of this death, the request for an accelerated death benefit will be considered void and no benefit will be paid under the rider.

(If however, the insured remains alive for at least two more years, the beneficiary will receive the full amount of the death benefit after that).

You would have to wait through probate before receiving the portion of her assets from her will, so it won't be as clean as a normal beneficiary designation where the beneficiary has access to the funds very shortly after the death of the insured.

Recurring payout option also allows the beneficiary to receive a lump sum benefit instead of regular monthly or yearly payouts anytime after the death of the life insured.

This specifically states a defined period of time that the primary beneficiary must outlive the insured to receive the death benefits and is usually a period of 10 to 30 days after the death of the insured.

Within 24 hours after receiving notice of an insured's death, an emergency death benefit of the lesser of 50 % of the coverage amount or $ 15,000 will be mailed to the insured's beneficiary, unless the death is within the two - year contestability period and / or under investigation.

After an insured individual or annuitant dies, the process of receiving a death benefit from a life insurance policy, pension or annuity is relatively straightforward.

[x] The amount received by the beneficiary, from an annuity or insurance policy, after the death of the insured individual.

Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

If, however, the senior insured dies after owning the policy for longer than two years, and then the beneficiary would be able to receive the full amount of the death benefit that is stated in the policy.

Should the insured live past the first few years of policy ownership and pass away after that, the beneficiary would be able to receive the full amount of the death benefit — even on a plan that contains the graded death benefit option.

However, after a certain amount of time has passed, such as two or three years of policy ownership, the beneficiary would be eligible to receive all of the stated death benefit upon the insured's passing.

The death benefit of a whole life insurance policy can be received tax free by the beneficiaries, and for this reason whole life insurance is used for estate planning purposes as well as providing income for beneficiaries after the insured passes away.

Guaranteed Survival Benefits — After the 10th policy year, you start receiving 6 % of the Sum Assured up to one year before maturity, or death of the Life insured (whichever is earlier)

The beneficiary of a life insurance policy is the person or persons named to receive all or a part of the proceeds (death benefit) from the insurance policy after the insured person has died.

On the death of the life insured during the policy term (after receiving critical illness benefit), the insurer pays the remaining sum assured and the policy will terminate.

Vikas, Term insurance amount received by nominee after death of insured is tax free as per section 10 (10D) of the income tax act