Sentences with phrase «stated policy death benefit»

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.

Fortunately, death benefits never decrease below the stated policy death benefit at issue, and, in fact, it can go up.

Not exact matches

If your life insurance policy states three different people as the owner, the insured, and the beneficiary, then the death benefit could count as a taxable gift.

For example, if you state in your will that you wish for 50 % of your life insurance death benefit to go to your mother, but your life insurance policy states that 100 % of the death benefit is going to your spouse, your wishes in the will are going to be denied.

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.

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.

John updates his policy to state 50 % of his death benefit going to Jane, as custodian of Lola, and 50 % of his death benefit going to Nancy, as custodian of George.

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.

Lincoln Financial's term life policies offer a guaranteed tax - free death benefit, making them an ideal choice for those looking for coverage over a stated time.

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.

Death Benefit Processing: As a resident of Delaware and beneficiary of a Delaware insurance policy, it is your right as recognized by the State Code to a swift and reasonable payment of death beneDeath Benefit Processing: As a resident of Delaware and beneficiary of a Delaware insurance policy, it is your right as recognized by the State Code to a swift and reasonable payment of death benedeath benefits.

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

Life insurance companies usually state that if the insured commits suicide within a specified period, usually two years, after beginning the policy, the company is not required to pay the death benefit.

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.

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.

All policy types have a stated death benefit that is paid upon the death of the insured person and permanent life insurance also has a cash value which can be used during the person's lifetime.

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.

Life insurance companies usually state that if the insured commits suicide within a specified period, usually two years, after beginning the policy, the company is not required to pay the death benefit.

Protective Classic Choice Term, policy form number ICC16 - TL 21 / TL -21, and state variations thereof is a level death benefit term life insurance policy to age 90, issued by Protective Life Insurance Company, Birmingham, AL..

Later, Ohio State Life was the first to advance death benefit payments to sustain the life of the policy holder (which is referred to as living benefits).

Secondary Guarantee Contractual guarantees offered by life insurance companies that state policies are guaranteed to pay a death benefit even if the cash value falls to $ 0.

For example, if you state in your will that you wish for 50 % of your life insurance death benefit to go to your mother, but your life insurance policy states that 100 % of the death benefit is going to your spouse, your wishes in the will are going to be denied.

In general, it states a business owned policy can be transferred to the covered individual personally and the death benefit remains non-taxable.

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.

The insurance company that issues the policy pays a death benefit if the insured passes away within that stated time period.

The life insurance policy may also have a suicide clause that states that a death benefit will not be paid out in the case of suicide.

With the Flexible Care Benefit Rider from State Farm Life Insurance Company (Not licensed in MA, NY or WI), when you become chronically ill and are eligible to receive benefits, you can access a portion of the policy's death benefit everyBenefit Rider from State Farm Life Insurance Company (Not licensed in MA, NY or WI), when you become chronically ill and are eligible to receive benefits, you can access a portion of the policy's death benefit everybenefit every month.

For example, State Farm offers a joint universal life policy in which the death benefit is paid when the first spouse dies.

Usually, when you collect a death benefit under a life insurance policy, it will be exempt from federal or state income tax, adds Hamilton.

In this case, your beneficiary receives the policy's stated death benefit, just like traditional term life.

Some states laws require the funeral home to put a percentage of your prepayment into a state - regulated trust to obtain a life insurance policy with the death benefits assigned to the funeral home.

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

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.

Term life insurance policies provide a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period.

The policy states how much of the death benefit would be available before death and it's usually capped at $ 250,000 to $ 500,000.

If the insured dies before age 70, the death benefit is paid out to the beneficiary stated in the policy.

A graded death benefit clause within a life insurance policy will state that for a certain period of time once the life insurance policy goes in force, the guaranteed life insurance policy will not cover the insured for natural causes of death!

Generally contain what is called a «graded death benefit» clause stating that the policy must be in force for a period of time before it will actually payout in the event that the death is due to a «natural» cause.

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.

If the policy is active when you die, your beneficiaries will be given the stated death benefit.

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.

In some states, for instance, you may have to automatically name a new spouse as the recipient of a policy's death benefit.

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.

Graded death benefits are clauses written into guaranteed issue life insurance policies which state that in order for your life insurance policy to pay a death benefit for «Natural» causes of death, you will need to live for a set period of time (typically 2 - 3 years) after your policy goes into effect.

Death Benefit Processing: As a resident of the State of Indiana and beneficiary of a policy, it is your right as recognized by the State Code to a swift and reasonable payment of death beneDeath Benefit Processing: As a resident of the State of Indiana and beneficiary of a policy, it is your right as recognized by the State Code to a swift and reasonable payment of death benedeath benefits.