Sentences with phrase «specified age of the insured»

Endowment: In life insurance, a contract which provides for the payment of the face amount at the end of a fixed period, or at a specified age of the insured, or at the death of the insured before the end of the stated period.

Not exact matches

Premiums are paid for the «whole life» of the insured person, continuing until he or she dies or reaches a specified maximum age.

It stays in effect for a specified period usually 10 to 30 years (often in five - year increments) or until a certain age of the insured.

Life — Endowment - insurance that pays the same benefit amount should the insured die during the term of the contract, or if the insured survives to the end of the specified coverage term or age.

Insured person means any person or persons named or specified in the Schedule, and his or her spouse, and children or step - children or adopted children under the age of 21.

In this type of rider, future premiums are waived off if the insured becomes permanently disabled or loses his / her income because of injury or illness prior to a specified age.

If a policy is «renewable,» that means it continues in force for an additional term or terms, up to a specified age, even if the health of the insured (or other factors) would cause him or her to be rejected if he or she applied for a new life insurance policy.

Term life insurance: A type of life insurance that provides coverage for a specified period of time — generally one, 10, 20, or 30 years, or until the insured reaches 65 or 70 years of age.

Whole Life Plans: A whole life policy provides life insurance cover for the entire life of the insured person or up to a specified age (the age varies from company to company but is mostly above 85 years).

Waiver of Premium - Guarantees that future life insurance premiums will be paid in the event that the insured becomes disabled prior to a specified age.