Sentences with phrase «stated death benefit amount»

This is because not all policies will automatically pay out 100 % of the stated death benefit amount if the insured passes away within a certain amount of time after purchasing the policy.

All life insurance policies will pay their stated death benefit amount in the case of death of the insured person resulting from an accident

As an example, in some cases, if the insured dies within just the first year or two, the policy's beneficiary may only receive a certain percentage of the total stated death benefit amount.

It's a direct exchange of a premium payment for the protection of a stated death benefit amount.

Not exact matches

The payment of the accelerated death benefit reduces the stated face amount and stated cash value.

Full death benefit amount can be accelerated in all states except Connecticut, where acceleration is limited to no more than 75 % of death benefit.

The Legalese «The Acceleration of Death Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rDeath Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rdeath benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rdeath of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.»

When the death benefit payments received exceed the stated amount, income taxes accrue as these payments are received.

For life insurance policies that pay death benefits in the form of a lifetime payout, the portion of the payout that is not subject to tax if the policy has no refund provision or stated time period guarantee which is determined by dividing the amount of the death benefit by the life expectancy of the beneficiary.

Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

As with the graded death benefits option, once two years have elapsed, the beneficiary would be able to receive 100 percent of the amount of the stated death benefits proceeds.

In return for a premium payment, an insurance company will pay out a stated amount of tax - free death benefit to a named beneficiary — assuming, of course, the policy is in - force when the insured passes away.

If you had the same amount in cash value in IUL life insurance, which you could take the money any time, and there may be a fee, when you will leave this world, the law in California states the death benefits must be more than the cash value.

Face amount The face amount of the policy is the amount of the death benefit as stated in the policy.

Originating in 1935 after the New Deal, the United States Social Security system is a type of insurance program where employees and their employers contribute an amount per paycheck so that they are guaranteed benefits in retirement when they lose their ability to work due to disability, or after the death of a family member.

While some burial insurance policies will pay out the full amount of the stated death benefit, others pay out what are known as graded death benefits.

If, however, the insured lives past the first two or three years, and then he or she passes away, the entire amount of the stated death benefit will be paid out to the beneficiary.

You'll find that it doesn't matter what age, coverage amount or death benefit you're seeking — you can find better life insurance rates working with an independent life insurance agent outside of State Farm.

The amount available for the accelerated death benefit varies by state and can be up to 75 % of the death benefit.

As such, the net amount of the death benefit is excluded from gross income and, as long as the total annual payments do not exceed IRS guidelines, it is not generally subject to federal or state income tax.

Full death benefit amount can be accelerated in all states except Connecticut, where acceleration is limited to no more than 75 % of death benefit.

This means that if the insured passes away within the first two or three years that the policy is in force, the named beneficiary will only receive a portion of the death benefit rather than the entire stated amount.

However, if the death benefit is included in her estate, and the value of the estate exceeds state or federal estate tax exemption amounts, then it could be taxed.

The Legalese «The Acceleration of Death Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rDeath Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rdeath benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.&rdeath of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.»

Once the initial two - year period has ended, the full amount of the stated death benefit will be received if the insured should die.

In a viatical settlement, a portion, usually a state percentage, of the death benefit is paid immediately, but there is no residual amount.

The death benefit of a whole life policy is normally the stated face amount.

It generally has a minimum garunteed death benefit, with variable additional amounts depending on the state of the market.

The partial payment plan would be similar, in that it is divided by year, but instead of your money back with a stated interest amount, you'll receive a percentage of the actual death benefit.

The only problem with these types of life insurance policies is that they will also contain a «graded death benefit» which will state that the insured must stay alive for a certain amount of time (typically 2 - 3 years) prior to their policy covering «natural» causes of death.

This is a clause that states that should the insured (meaning you) die from NATURAL CAUSES during a certain period of time immediately after purchasing your life insurance policy (typically 2 to 3 years), the life insurance policy will not pay the death benefit (the insurance coverage amount).

The mortgage protection insurance your family receives as a «death benefit» will not be taxed; they will receive the full amount stated in the insurance policy, tax - free.

In doing so, the policy holder may change — within certain stated limits — the amount of death benefit proceeds.

If long - term care is no longer needed and the death benefit has not been exhausted, the policy converts back to its original permanent life insurance state at the reduced amount.

A graded death benefit life insurance policy will pay out only a certain percentage of the stated policy death benefit amount if the insured dies within the first 1 to 3 years after initially purchasing the policy.

This is because there may be circumstances where not all of the stated amount of a policy's death benefit will automatically be paid out upon the death of the insured.

A guaranteed death benefit is a clause, within the insurance policy, that will typically state that your new life insurance policy will need to be «INFORCE» for a certain amount of time prior to covering NATURAL causes of death.

In another measure to prevent fraud, states and insurance companies limit the face amount, or death benefit, of policies on juveniles.

Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

The insurance company pays a specified amount of money / death benefit to the beneficiary of the insurance policy owner upon his death, as stated earlier in the policy agreement.

If, however, the senior insured dies after owning the policy for longer than two years, and then the beneficiary would be able to receive the full amount of the death benefit that is stated in the policy.

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.

In other words, regardless of how long the insured has had the policy, upon death, the policy will pay out the full amount of the stated death benefit to the named beneficiary.

Maturity Benefit No amount is payable on maturity 1) Reducing Cover - The death benefit will be as per the monthly loan schedule stated at inception of the member coBenefit No amount is payable on maturity 1) Reducing Cover - The death benefit will be as per the monthly loan schedule stated at inception of the member cobenefit will be as per the monthly loan schedule stated at inception of the member contract.

With graded benefits, the entire amount of the stated death benefit may not be paid out to the named beneficiary if the insured dies within the first few years of owing the policy.

Because while the standard rule for life insurance is that a death benefit is tax free under IRC Section 101, the tax code explicitly states that the tax - free treatment only applies «if such amounts are paid by reason of the death of the insured.»

However, after a certain amount of time has passed, such as two or three years of policy ownership, the beneficiary would be eligible to receive all of the stated death benefit upon the insured's passing.

The total amount of the death benefit helps determine the premium, says Allen Sarafyan, a State Farm Insurance agent in Studio City, Calif..

(back to top) Death Benefit: In life insurance, the face amount, as stated in the policy, to be paid upon proof of death of the insDeath Benefit: In life insurance, the face amount, as stated in the policy, to be paid upon proof of death of the insdeath of the insured.

The accidental death benefit rider pays out a greater death benefit amount — on top of your policy's stated death benefit — if you die due to an accident.