Sentences with phrase «stated value of the death benefit»

Not exact matches

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

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.

To stay in compliance with guidelines promulgated by DEFRA (Deficit Reduction Act of 1984), the stated death benefit must rise along with cash value.

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.

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.

Premium paid are eligible for tax benefits under section 80C of the Income Tax Act and Maturity benefit, death benefit and Surrender value are eligible for tax benefits under Section 10 (10D) of the Income Tax Act, subject to the provision stated therein.

Also, Maturity benefit, Death benefit and Surrender value are eligible for tax benefits under Section 10 (10D) of the Income Tax Act, subject to the provision stated therein.

It states: «Guaranteed death benefits and values available upon surrender, if any, for the illustrated premium outlay or contract premium shall be shown and clearly labeled guaranteed... The guaranteed elements, if any, shall be shown before corresponding non-guaranteed elements and shall be specifically referred to on any page of an illustration that shows or describes only the non-guaranteed elements.»

«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.

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.

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.

Interruption of Trip: If the Insured is unable to continue the Trip due to the death of a parent, spouse, sibling or child; or due to serious damage to the Insured's principal residence from fire, flood or similar natural disaster (tornado, earthquake, hurricane, etc.), the program will reimburse up to the maximum stated in the Schedule of Benefits the Insured for the cost of economy travel, less the value of applied credit from an unused return travel ticket, to return home to their area of principal residence.

Section 7702 refers to a section in the Internal Revenue Code, or the tax code of the United States, that details what constitutes a life insurance contract, explains how a life insurance contract is taxed, especially if the contract has cash value component, and sets certain limitations on premiums and death benefits.

A whole life insurance policy from State Farm has many benefits, including lifetime coverage, access to cash value (tax deferred), guaranteed death benefit and level premium amounts over the life of the policy.

Many states have laws protecting cash values and death benefits of life insurance policies from the claims of creditors.

Since some state laws protect cash value and death benefits of insurance policies from claims by creditors, permanent policy holders can use the benefits from a permanent policy without risk of a judgment or a lien against the policy.

Transfer - for - value rule states that if a life insurance policy is transferred for something of value, the death benefit is...

Each state has a guaranty association that backs up policies sold in that state, but death benefit coverage is limited to $ 300,000 per company in most states and only $ 100,000 of a policy's cash surrender value is typically protected.

If, however, the insured passes away after owning this policy for more than two years, then the entire amount of the stated death benefit will be paid out (minus any unpaid cash value loan balance).