Sentences with phrase «scheduled premiums»

Unlike term life, whole life insurance never has to be renewed as long as scheduled premiums are more or less paid on time.

Furthermore, a paid up additions rider allows you to pay extra money into your policy in addition to your normally scheduled premiums.

Unlike term life insurance, whole life insurance never has to be renewed as long as scheduled premiums are more or less paid on time.

It is a rather straightforward contract that specifies insurance coverage of the face amount of the policy in exchange for scheduled premium payments.

Life insurance comes in two main varieties: term insurance, which pays a death benefit only if the insured dies within a certain period of time, or permanent insurance, which pays a death benefit no matter when the insured dies — provided you continue to pay scheduled premiums.

However, to keep the policy inforce, the survivor must continue to pay the regularly scheduled premiums.

After a time, the policyowner can increase scheduled premiums, once again, to build cash values that policyowner and spouse can use for their retirement.

Protection and the flexibility of investment options Variable life insurance provides permanent protection with the potential to build cash value through scheduled premium payments, but offers a variety of asset allocation options.

Scheduled Premiums Generally, in a universal life policy, these are planned premiums as set out in the policy at the time of issue.

premiums for this coverage will then continue to increase every 5 years until you are age 70 at which time the premiums will increase every year until expiry or Exchange to option 1 - custom exchange term insurance coverage with the same initial coverage amount and new scheduled premium of 100.07.

These two elements vary over the life of the insured, but the total scheduled premium payment remains the same for the life of the traditional whole life policy.

Your variable universal life policy is issued with a minimum scheduled premium based on an initial specified death benefit.

The owner chooses a policy for a stated term and pays scheduled premiums to the insurer during that time.

Additionally, dividends, while not guaranteed, in participating whole life policies may be used to pay some or all of scheduled premium payments if you so choose.

Insurance: protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.

A note of caution: if you miss a scheduled premium or pay less than the total premium due, you may lose the guaranteed death benefit.

These policies guarantee the death benefit as long as all scheduled premiums are paid in full when due.

Then, make the scheduled premium payments.

Here's an example of what the scheduled premiums may look like for a 10 - year term life policy.

Your premiums will only be reimbursed if the insured is still alive at the end of the term AND you've paid your scheduled premiums every year.

Note that, with flexible - premium policies, there may be a risk that the policy may consume its own policy values and eventually terminate without value if premiums being paid are lower than the scheduled premium or if loans or withdrawals are made.

A guaranteed policy means as long as you pay the scheduled premium on time the coverage will not lapse.

Flexible Premium Policy A life insurance policy in which the policyowner has the option to pay more or less than the scheduled premium.

The policy typically has a low «drag» due to the fact that policyholders are encouraged to schedule premium payments in excess of the minimum payment required to keep the policy in - force.

Then, make the scheduled premium payments.

Here's an example of what the scheduled premiums may look like for a 10 - year term life policy.

There is no cost to you other than processing the scheduled premium deductions from employee paychecks.

Some universal life policies perform like term life insurance: They can be configured at the time of purchase to provide both level death benefits and level premiums that are guaranteed for life as long as you pay the scheduled premium.

your scheduled premium will never go up for the entire 30 years... HOWEVER, upon reading the detailed info I received today, the «scheduled» monthly premiums are the same for all 30 years, but the «Maximum Monthly Premiums» start going up in year 21 — in year 21, they rates jump by a total of $ 500 a month!!

If you want to continue your life insurance coverage, it's usually best to pay the scheduled premiums.

To build cash value, a policyholder can remit payments more than the scheduled premium.

A traditional whole life insurance contract has scheduled premiums that do not change, the dividend growth is relatively predictable and has minimum guarantees, and as long as the premiums are paid as scheduled, the policy will not lapse.

Generally, in a traditional whole life policy, the scheduled premium payments remain level.

As long as you make your scheduled premium payment the insurance company is bound by the terms of the contract to keep your policy in force forever.

These terms typically require that the policyholder is still alive, that the death benefit has not been paid during the initial level premium period and that all scheduled premiums have been paid throughout the length of the policy.

For instance, a policy with a «no lapse guarantee» guarantees that the insurance company will pay out a death benefit as long as the policyholder makes all the scheduled premium payments in an expeditious manner.

Whole Life Insurance: Life insurance that is kept in force for a person's whole life as long as the scheduled premiums are maintained.

Most Whole Life policies are guaranteed as long as the scheduled premiums are maintained.

A note of caution: if you miss a scheduled premium or pay less than the total premium due, you may lose the guaranteed death benefit.

In addition, many of the variable life products have language to the effect that even when the scheduled premiums are paid, the policy may still lapse if the cash value is not sufficient to keep it in force.

It states that should a policyholder fail to make a scheduled premium payment, money from the accumulated cash value of the policy will be withdrawn and used as a loan to pay the owed premium.

These policies guarantee the death benefit as long as all scheduled premiums are paid in full when due.

As long as the policy holder maintains the scheduled premium payments, the cash value will continue to grow.

If you have continued to pay the scheduled premiums for a long time, chances are your whole life policy's cash value has increased significantly.

At later times when they need cash, such as to pay for children's educations, they can reduce the scheduled premiums.

As the parent's income grows, they can increase the scheduled premiums to build up tax - sheltered cash within the policy.

If you discover that you will not able to make a scheduled premium on time, talk to your insurance company and ask them if you can extend the period.