Sentences with phrase «sufficient cash value in the policy»

These loans and withdrawals can be at any time as long as there is sufficient cash value in the policy.

Not exact matches

He notes, too, that those saving for college may also be positioned to assume greater risk in their 529 portfolio if they otherwise have sufficient assets in an IRA or cash value life insurance policy from which they could potentially borrow for college expenses penalty - free.

Make sure you consult with an insurance professional prior to making changes in your policy's premiums., Universal Life Insurance coverage lasts to age 120, provided you continue to pay sufficient premiums or maintain enough cash value to cover monthly policy charges.

Be careful though, if you're not paying your premiums and assuming the cash value has got you covered, you'll want to make sure to have sufficient funds so your policy doesn't lapse in coverage.

With some life insurance carriers, if a premium is not paid by the 31 - day grace period, an automatic premium loan will be made — assuming sufficient cash value exists in the policy.

What's more, the cash value can build to the point that you have sufficient funds in the policy to convert it to a paid - up policy for life.

In some flexible - premium policies, premiums may be reduced or skipped as long as sufficient cash values remain in the policIn some flexible - premium policies, premiums may be reduced or skipped as long as sufficient cash values remain in the policin the policy.

Like whole life, there must be sufficient premiums or cash value to pay the policy costs and keep the universal life policy in force.

Over time the cash value growth may be sufficient to pay the premiums on the policy, so, in essence, you own your policy outright.

For those who have sufficient resources outside their 529 plan, or cash value in a life insurance policy that they may borrow from for college tuition expenses, an investing approach based on age might be too conservative, said Walter Katz in an interview, a financial professional at MassMutual Greater Houston.

For example, some policies offer a «no lapse» guarantee, which states that if a stated premium is paid in a timely manner, the coverage remains in force, even if there is not sufficient cash value to cover the mortality expenses.

The policy will remain in force for as long as the cash value of the policy is sufficient to pay those monthly charges.

The premium payment made by the APL will come from your policy's cash value account, and will continue to do so for as long as there is sufficient cash value to keep it in force.

As long as sufficient premium payments are made on a timely basis (exactly as illustrated), no unscheduled loans or partial withdrawals are taken, no increase in face amount or changes in death benefit options are made, and policy loan value does not exceed the policy's cash surrender value, the insurance coverage will remain in effect.

For example, if you need to skip a monthly premium, your policy will remain in force as long as there are sufficient funds in the cash value account to cover the monthly premium.

The owner of the policy can chose to make payments or not make payments into the policy, as long as sufficient cash value exists in the account.

As long as the policy has a sufficient cash value to cover the monthly cost of insurance, the policy will remain active and is considered «in force».

With this form of coverage, your death benefit will not terminate — even if there is not a sufficient amount of cash value to support it in the policy.

Loans never need to be repaid by the owner and the policy will always stay in force as long as sufficient cash value exists or payment are made to cover the cost of the insurance.

Your policy (if sufficient) can then be used to help pay for college expenses, to get a leg up on retirement planning, or saved in case of emergency.1 You must also keep sufficient cash value in your universal life policy to ensure its no - lapse guarantee and extended coverage benefits remain in force.

If sufficient cash value exists in the policy, often times a missed premium payment will just reduce the cash surrender value by the amount of premium due.

In addition, many of the variable life products have language to the effect that even when the scheduled premiums are paid, the policy may still lapse if the cash value is not sufficient to keep it in forcIn addition, many of the variable life products have language to the effect that even when the scheduled premiums are paid, the policy may still lapse if the cash value is not sufficient to keep it in forcin force.

The policy owner pays extra premium to bring the policy cash value to the point where the interest from the cash value itself will be sufficient, in the estimation of the insurance company, to pay the death benefit.

The cash value of an insurance policy builds over time, so there might not be sufficient cash value available to borrow against if you want to take out a loan in the first years of the plan.

What's more, the cash value can build to the point that you have sufficient funds in the policy to convert it to a paid - up policy for life.

Term life insurance can be sufficient but the accumulated cash value in a permanent life policy can help prepare for the long - term future, and even fund college education.