Sentences with phrase «stated death benefit on the policy»

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.

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.

Not exact matches

If a policy of insurance has been or shall be effected by any person on his own life or upon the life of another person, the policyowner shall be entitled to any accelerated payments of the death benefit or accelerated payment of a special surrender value permitted under such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the policyowner.

He unexpectedly dies but because they live in a community - property state and John paid premiums with «jointly owned» income, Jane automatically receives half of the death benefit, with the remaining half going to John's parents, even though she wasn't listed on the policy.

Nationwide agreed to pay $ 7.2 million to seven states in order to settle allegations that it failed to pay death benefits to a significant number of people who were unaware that they were listed as beneficiaries on life insurance policies.

Issued by American Continental Insurance Company, this final expense insurance policy provides Level, Graded and Modified death benefit plans (depending on availability in your state).

A graded death benefit is a clause written into guaranteed issue life insurance policy which states that prior to your policy covering «Natural» causes of death, you must first remain ALIVE for a certain period of time (typically 2 - 3 years depending on the carrier) after your guaranteed issue life insurance policy goes into force.

Life Insurance: Coverage placed on the life of an individual whereas an insurance company issues a policy and pays a stated death benefit in the event of the insured's death.

Second, if the policy is still inforce and there is a death benefit to be distributed, how it gets distributed will depend on the intestacy laws of the state in which your uncle lived.

«Don't buy a policy without getting quotes from several agents or companies — you could end up paying thousands of dollars more than you need to,» the group states on its website, adding consumers should compare not only premiums, but cash value (where relevant), death benefits and fees.

Orange Pass is only available on policies with an Initial Stated Death Benefit of $ 500,000 or less for issue ages 16 - 50 and $ 250,000 or less for issue ages 0 - 15.

The states sued the insurance companies and they've made some agreements so, that life insurance companies are going to make more of an effort to find the beneficiaries on policies by looking up death records in states, versus social security numbers; so that people can actually get the death benefits they are suppose to.

ACE stands for assured coverage endorsement and this is essentially a no lapse guarantee endorsement that states even though this is a cash value policy, even if there is zero cash value or not enough cash value to sustain the cost of insurance, the policy's premiums and death benefit will still stay level as long as you pay your premiums on time when they are due.

The incontestability clause states that if the policy holder made false or misstatements on the policy application and dies within the first two years, the insurance company may decline to pay the death benefits.

The initial (usually) 3 - year period of a life insurance policy is called the contestability period, as during this period suicide and misrepresentation of the information provided (e.g. smoking or heavy drinking when you stated on your application form you don't smoke or drink) can void the payment of the benefits in case of death.

Whether or not it's legal for a guaranteed issue life insurance policy to charge total premiums in excess of the death benefit would ultimately depend on which state you live in seeing as how insurance is regulated at the state level.

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

ADDvantage plans are issued on policy form series LS174, Accelerated Death Benefit Endorsement is issued on form series LR474, Children's Term Insurance Rider is issued on form series LR456, Waiver of Term Premium for Disability Rider is issued on form series LR472; or state variations by North American Company for Life and Health Insurance, Administrative Office, Sioux Falls, SD 57193.

For someone in a 34 % tax bracket (Federal & State), the investment return on the separate accounts may average 10 %, and at say age 75 the policy's death benefit would have an internal rate of return of 9 %.

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.

Terminal illness riders and critical illness riders on life insurance policies release a sizable chunk of the policy's death benefit to the policyholder while he / she is still alive, allowing the usage of the death benefit funds on valid diagnosis of one of the critical or terminal illnesses stated in the policy.

on life insurance policies release a sizable chunk of the policy's death benefit to the policyholder while he / she is still alive, allowing the usage of the death benefit funds on valid diagnosis of one of the critical or terminal illnesses stated in the policy.These riders» critical / terminal illness payout is tax - exempt, and beneficiaries also receive the left over face value, untaxed, upon the policyholder's passing.

While the death benefit on insurance policies is not subject to income taxes, it may be subject to estate taxes, which in the United States range from 35 % to 45 %.

A clause present in many life insurance policies, an aviation exclusion states that the death benefit becomes void if the insured dies as a result of an aviation - related accident while not on a regularly scheduled flight.

Insurance companies created a graded death benefit clause which will state that if you will need to live for at least 2 - 3 years (depending on the insurance carrier) from the date that you purchase your life insurance policy, before your life insurance policy will pay a death benefit for natural causes of death.

Basically, what a graded death benefit will state is that after you have purchased you guaranteed issue life insurance policy, in order for it to provide a death benefit for natural causes, you will need to «NOT DIE» from natural causes for at least 2 - 3 years depending on the insurance company that you decide to use.

If you were to ever be diagnosed with a terminal illness and be given 12 months or less to live (depending on state policies), this rider would allow you to access a portion of your policy's eligible death benefit.

Living Benefits Rider: If you were to ever be diagnosed with a terminal illness and be given 12 months or less to live (depending on state policies), this rider would allow you to access a portion of your policy's eligible death benefit.

However, if the insured lives beyond this two or three - year time limit, and then passes away many years later, the named beneficiary on the policy will be able to receive 100 % of the stated death benefit (unless there is an unpaid balance from a cash withdrawal or borrowing).

In this case, the named beneficiary on the no medical exam policy may only be able to receive back the amount of premiums that were paid into the policy (possibly with a small amount of additional interest), or a certain percentage of the stated death benefit.

So, if an insurance policy states a death benefit will be higher of 10 times the annual premium or 105 % of the total premiums paid till date or the sum assured, that will be first calculated to arrive at the sum assured on death and then the formula for paid - up sum assured will apply on this base sum assured.