Sentences with phrase «set amount of death benefit»

Term policies are a temporary coverage in that they will provide a set amount of death benefit for a set duration of time, or term.

Since those who have a whole life insurance policy will never need to re-qualify for their coverage (provided that they keep their coverage in force by paying the premium), then they can always count on having a set amount of death benefit available to their beneficiary.

Should the insured pass away while the policy is in force, the named policy beneficiary (or beneficiaries) will receive the set amount of death benefit.

Whole life insurance provides a set amount of death benefit protection, as well as a premium that will not increase over time — even as the insured ages, or if they contract an adverse health issue.

Policy holders can also set the amount of their death benefit — within certain guidelines — when the policy is in force.

These policies provide a set amount of death benefit in return for a regular premium payment.

In most cases, term life insurance will maintain a set amount of death benefit throughout the entire time of the policy.

Some life insurance policies provide only a set amount of death benefit, while others can be highly tax advantaged long term savings vehicles.

It's important to remember that the coverage you choose sets the amount of the death benefit your loved ones will receive should you die during the length of the policy.

Not exact matches

Whole life insurance will pay out a set amount of money to your beneficiaries when you die, called a «death benefit.»

Many policies will set a minimum amount on the death benefits, but the investment portion of your premiums will not typically guarantee a minimum return.

Where an ICBC insured at the date of death resulting from a motor vehicle accident comes within an age group set out in column A of the following Table and the insured has the status set out in column B, C or D, the amount of death benefit payable under section 92 is the amount set out below that status and opposite that age group.

Decreasing term life insurance, also known as mortgage insurance, has a constant premium amount but the death benefit declines at a set rate over the course of the policy.

• Annuity for joint lives (not including death benefit): A set amount which is guaranteed at the time of taking the policy is received by alive annuitants.

Whole life insurance will pay out a set amount of money to your beneficiaries when you die, called a «death benefit.»

Since it is for a temporary amount of time, and it pays only a set death benefit, term life is the least expensive type of insurance to buy.

A basic dollar amount is set to cover the cost of the death benefit.

In the event of an accidental death, this insurance will pay benefits in addition to any life insurance but only up to a set amount total regardless of any other insurance held by same insurer, held by the client.

The tax - free «death benefit» payout is set up front, based on your age, health, and amount of monthly premium you're willing the pay.

Upon the death of the insured / annuitant, the insurance company pays the contract beneficiary (s) the death benefit amount either in a lump sum or over a set number of years.

This type of coverage is guaranteed in terms of the death benefit amount, regardless of the insured's increasing age, and whether or not the insured contracts a health issue — and, the cash value will grow at a set interest rate that is set by the insurance company.

Many policies will set a minimum amount on the death benefits, but the investment portion of your premiums will not typically guarantee a minimum return.

Life insurance carriers take on the financial obligation to pay a specified death benefit in return for premiums paid by policy owners for a set amount of time as defined by a life insurance contract.

An optional add - on to a life insurance policy that provides a set amount of benefits in the event the insured has a chronic illness and requires daily assistance of care which is deducted from the death benefit in most cases.

Whole life is a type of permanent insurance coverage that provides a set, guaranteed amount of death benefit protection, as well as a cash value component.

This type of insurance provides a guaranteed amount of death benefit and a cash value that grows using a rate that is set by the insurance company.

With a term life insurance plan, the policyholder's monthly payment is the same throughout a set time period — or «term» — such as 20 or 30 years, in return for a stated amount of death benefit protection should they pass away during the time that the policy is in force.

Permanent life insurance policies agree to pay out a set amount of money tax - free to your beneficiaries when you die, called a «death benefit.»

With this type of policy, the death benefit is guaranteed not to fall below a set amount, no matter how the investments chosen by the insured perform.

In this system, the policyholder will receive a set benefit amount if a death occurs during the first couple of years.

Should death occur, term life insurance would pay benefits for a set amount of time.

It's simple — You pay the insurance company a monthly or annual premium for a set amount of life insurance for a specific period of time, and the insurer agrees to pay out a death benefit to your beneficiary (you choose) upon your passing.

Ultimately, this means that there will be a certain amount of time before the death benefit is active — this is in place to protect the insurance company because you could set up a policy and pass away a week later.