Sentences with phrase «remaining on your whole life policy»

It's important to note that if you were to die unexpectedly, any outstanding loan balance remaining on your whole life policy may be deducted from your death benefit and will accrue interest.

Not exact matches

On the other hand, whole life policies do not expire if the premiums are paid and thus the death benefit will be paid eventually provided the policy remains in force.

This buildup in cash value is part of the reason the premiums on a whole life policy generally remain fixed instead of escalating to match the increased risk of death as you age.

The remaining term insurance may be convertible to any whole life policy New York Life makes available on an attained age or original age balife policy New York Life makes available on an attained age or original age baLife makes available on an attained age or original age basis.

On the other hand, you may have an opportunity to convert your whole life policy into a «paid - up» policy and this is where you no longer have to pay the premiums but the insurance will remain in place.

As long as you continue to make your required premium payments on time, a permanent life insurance policy will remain in effect your whole life and won't expire.

If you have a permanent life insurance policy (like whole or universal), your policy will remain in force as long as you continue to pay the premiums on time and in full.

Likewise, because the premium on a whole life insurance policy — as well as the amount of the death benefit — will typically remain the same, you may also want to consider whole life insurance if you want to «lock in» life insurance protection for the long term.

The premiums on a whole life insurance policy will typically remain level.

The amount of insurance coverage on a whole life policy will also usually remain the same.

On the upside, guaranteed issue policies are whole life insurance and guaranteed to pay as long as the periodic premium is paid (only for accidental death during the waiting period), the premium will remain the same throughout the life of the policy, and the insurer can not cancel as long as the periodic premium is paid.

Provided that the premium remains paid on a whole life insurance policy, the coverage can not be arbitrarily canceled by the insurance carrier — other than for the non-payment of the policy's premium.

Unlike term life insurance policies, which expire after a certain amount of time, whole life insurance policies remain in effect for the policyholder's entire life, as long as the premiums are paid on time and in full.

This is especially common in the case of whole life insurance policies, where technically it is a requirement to pay the premium every year (unless the policy was truly a limited - pay policy that is fully paid up), and if the policyowner stops paying premiums the policy will remain in force, but only because the insurance company by default takes out a loan on behalf of the policyowner to pay the premium (which goes right back into the policy, but now the loan begins to accrue loan interest).

On the other hand, whole life policies do not expire if the premiums are paid and thus the death benefit will be paid eventually provided the policy remains in force.