Sentences with phrase «spouse pays for a life insurance policy»

Usually each spouse pays for a life insurance policy and lists the other spouse as the beneficiary.

Not exact matches

«Any amount that one pays towards a Life Insurance Policy premium for self / spouse / children can also be included in Section 80C deduction.

In most cases, life insurance policies are purchased to replace lost income and pay for funeral and memorial expenses if you or your spouse dies.

If you die, the insurance policy pays out enough money for your surviving spouse to buy a new annuity on their life at that time.

If you can afford to keep paying your premiums and you still have a spouse or dependents, you might be better off keeping your life insurance policy and seeking alternatives for your retirement or medical bills.

For example, if the husband is required to pay support, he may also be required to obtain a life insurance policy and name his spouse as irrevocable beneficiary of the policy so that if he dies, the spouse will have sufficient funds for his or her suppoFor example, if the husband is required to pay support, he may also be required to obtain a life insurance policy and name his spouse as irrevocable beneficiary of the policy so that if he dies, the spouse will have sufficient funds for his or her suppofor his or her support.

Most people will make sure there is enough money in their life insurance policy to take care of any debt, pay for college for the kids, provide finances for a spouse, and pay for the funeral.

The death benefit of a term life insurance policy gives the surviving spouse money to pay for a nice funeral, continue to pay the mortgage, afford to take time off work to be with family, and make sure the hopes and dreams you had planned out for your children are still attainable.

If you can afford to keep paying your premiums and you still have a spouse or dependents, you might be better off keeping your life insurance policy and seeking alternatives for your retirement or medical bills.

Typically, you or your loved ones might choose to buy senior life insurance policies when changing policies, arranging to pay off debts, planning for longer lives, protecting a spouse or dependents or covering burial expenses.

If you need to, for example, start paying a live - in nanny to take care of kids so you can continue working, you'll want that cost included in your life insurance needs, and one way to do that is to get a life insurance policy for the stay - at - home spouse, too.

A term life insurance policy leaves the surviving spouse with the money to pay for someone to do these duties.

Pyramid's Senior Life which is a whole life insurance policy was developed to pay for final expenses, care for surviving spouse, mortgages and financial obligations or for charitable contributions upon the insured's passLife which is a whole life insurance policy was developed to pay for final expenses, care for surviving spouse, mortgages and financial obligations or for charitable contributions upon the insured's passlife insurance policy was developed to pay for final expenses, care for surviving spouse, mortgages and financial obligations or for charitable contributions upon the insured's passing.

That's because the profits from a life insurance policy can be used for a multitude of things, including the settlement of debt by survivors, ongoing payment of everyday bills by a spouse and other dependents, and / or for paying one's funeral and other financial expenses.

One reason for this is because the proceeds from a life insurance policy can be used for paying off massive debts — such as a mortgage — as well as for replacing the lost income of a breadwinner so that a spouse and children can continue to pay their everyday living expenses.

The proceeds from your term life insurance policy can be used to help pay for important financial obligations, such as, your mortgage, living expenses, vacations, debt, final expenses, your spouse's retirement, or your child's college education.

Even though you may have completely paid for the house and your spouse may have his or her own pension the additional money from a life insurance policy would still be welcome.

For some life insurance policies, the pay - out received by the spouse or the children in the event of death is also tax free under Section 10 (10D) of the Income Tax Act.

In case, the life insurance policy is purchased after 1st April 2012 in the name of self / child / spouse, then the premium paid towards life insurance policy is eligible for the tax benefit of up to 10 % of the sum assured.

If the surviving spouse wishes to purchase life insurance after the death benefit has been paid, they must apply for another policy (unless a clause in the first - to - die policy guarantees that the joint policy will convert into an individual one).

Compare that to your healthy spouse who pays $ 50 a month in premiums for a term life insurance policy that offers $ 200,000 in death benefit.

Life insurance can provide the economic security you want for your family after you're gone, and some policies can provide the finances to pay for your children's college education or your spouse's retirement.

The death benefit from a life insurance policy can help pay for bills after you're gone, but it can also help finance your children's college education or your spouse's retirement, depending on the coverage you purchase.

So, if you want to have your spouse or children pay for your funeral expenses from your life insurance policy, you could ask them to do so by using the money from your life insurance plan.

Should you die during your policy, this rider provides your spouse (as long as he / she is the beneficiary of your policy) the right to buy a new paid - up life insurance policy for himself / herself without providing evidence of insurability.

Some of the more common reasons that retirees decide to purchase a life insurance policy include providing income replacement for their spouse, leaving an inheritance behind, preserving their assets from estate taxes, or providing cash to pay off any outstanding debts or medical bills they may leave behind.

Spouse's Paid - Up Insurance Purchase Option (SPPO): Should you die during your policy, this rider provides your spouse (as long as he / she is the beneficiary of your policy) the right to buy a new paid - up life insurance policy for himself / herself without providing evidence of insurabSpouse's Paid - Up Insurance Purchase Option (SPPO): Should you die during your policy, this rider provides your spouse (as long as he / she is the beneficiary of your policy) the right to buy a new paid - up life insurance policy for himself / herself without providing evidence of insurabilPaid - Up Insurance Purchase Option (SPPO): Should you die during your policy, this rider provides your spouse (as long as he / she is the beneficiary of your policy) the right to buy a new paid - up life insurance policy for himself / herself without providing evidence of insuInsurance Purchase Option (SPPO): Should you die during your policy, this rider provides your spouse (as long as he / she is the beneficiary of your policy) the right to buy a new paid - up life insurance policy for himself / herself without providing evidence of insurabspouse (as long as he / she is the beneficiary of your policy) the right to buy a new paid - up life insurance policy for himself / herself without providing evidence of insurabilpaid - up life insurance policy for himself / herself without providing evidence of insuinsurance policy for himself / herself without providing evidence of insurability.

If you should die, the term mortgage insurance policy will pay a death benefit to your beneficiary (spouse) who can use the money to pay off the home mortgage, and for any other purpose, such as, replacing your income and paying for living expenses.

In order to continue the life insurance policy death benefit for your surviving spouse, you should continue to pay your life insurance premiums.