Sentences with phrase «term life insurance policy contracts»

Most guaranteed level term life insurance policy contracts are divided into five - year increments, with the shortest lasting five years and the longest at 30 years.

However, you may need to notify your insurance company of your conversion request by a specific date stated within your term life insurance policy contract.

Not exact matches

If you have a cash value policy and can no longer afford to pay the contract's premiums but still need insurance, for example, your carrier may be able to continue insuring your life by using your policy's cash value to buy term life insurance.

If you're not familiar a term life insurance policy is a contract that pays a specific amount of money upon the policy - holder's death.

In contrast to term insurance, a whole life insurance policy pays the death benefit stipulated in the contract upon the death of the insured, regardless of when it may occur.

In the case of insurance policies, they can provide additional coverage or change the terms of the standard contract to expand what your term life insurance covers.

Term life insurance is defined as a contract between the owner of the policy and the insurer, for a policy on the life of the insured, whereupon the insured's death, the insurer pays a lump sum death benefit to the beneficiary.

This term also refers to the settlement of a life insurance policy under the contract's annuity options.

If a policy with no cash surrender value is sold (for example a term life insurance contract), the policy premiums would have largely covered just the cost of insurance, so that the proceeds received from the sale of the policy would all be capital gains.

To fully understand annuities, the first important aspect to note is that, just like other insurance products, regardless whether we're talking about convertible term life insurance, whole life insurance, universal life insurance, etc., annuities are a contract between the policy owner and the insurance company.

But here's the good news: Despite the seeming complexity, there are major similarities between certain types of life insurance contracts: term insurance typically works the same from company to company, and so do different types of permanent or cash value policies.

And here's the bottom line: all life insurance policies promise to pay an agreed - upon sum of money should you die while your policy is in - force (that is, while you're paying your premiums on time and while you're still operating within the terms of your contract).

Converting a term policy over into a permanent form of coverage can allow an insured to obtain life insurance protection for life — regardless of future age increases and the possibility of contracting an adverse health condition.

A life insurance policy, is the legal contract that contains the terms and limitations of your policy.

Term life insurance can also be used for final expense policies, but if you die after the term period has ended, your loved ones will receive no payout from your life insurance contrTerm life insurance can also be used for final expense policies, but if you die after the term period has ended, your loved ones will receive no payout from your life insurance contrterm period has ended, your loved ones will receive no payout from your life insurance contract.

Affordable standard term life insurance policies offer the security of a death benefit throughout the life of the contract.

The terms of the contract are spelled out in the life insurance policy which you will receive when your application is approved.

The main disadvantage of the term life insurance policy is that it expires on the date that is set in the contract.

A term life insurance policy covers the policy - holder up to the age specified in the contract.

For example, you can still purchase a 10 year term policy or guaranteed 20 year term life insurance contract.

This term also refers to the settlement of a life insurance policy under the contract's annuity options.

These policies were not in their best interest, they weren't explained, and they locked the life insurance shopper into a long - term contract they did not understand.

While there are many styles of term insurance, a term life insurance policy is generally a contract that furnishes life insurance protection for a limited time described in the policy.

Like any other type of life insurance, term life insurance represents a legal contract between the owner of the policy and the insurance company, and like any type of contract, it has a language of its own.

In the case of insurance policies, they can provide additional coverage or change the terms of the standard contract to expand what your term life insurance covers.

Under a Life Insurance Contract in India, the insurer assures to pay a definite sum to the policyholder's family on his demise during the policy term.

In this case, the burial insurance will cover death and funeral expenses that are agreed upon in the contract and the term life insurance policy may be used as a payout to the beneficiaries to help provide financial support for living needs, bills, and children's» education funds.

A written agreement attached to a life insurance policy or annuity contract that limits or expands the policy's or contract's terms or coverage.

Term - life is a relatively cheap type of insurance policy that provides coverage for a set period of time, either a contracted number of years or to a named age.

The defining feature of this form of term life insurance is that the premiums paid over the life of the policy are paid back to policyholders at the end of their contracts if they are still alive.

In legal terms, life insurance is a contract between a policy owner and insurer, wherein the latter agrees to reimburse the occurrence of the insured individual's death or other event such as terminal illness or critical illness.

A term life insurance policy is a contract between you and the life insurance company.

The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its «maturity») or on death.

These policies combine the benefits of an annuity or life insurance agreement with a traditional long - term care contract.

-- The term «reportable death benefits» means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale.».

Use Form 8853 to report Archer Medical Savings Account (MSA) contributions (including employer contributions), figure an Archer MSA deduction, report distributions from Archer MSAs or Medicare Advantage MSAs, report taxable payments from long - term care (LTC) insurance contracts, or report taxable accelerated death benefits from a life insurance policy.

Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy never runs out.

You see, term life insurance is called «term» because the policy (i.e. the contract between the owner and the insurer on the life of the insured) ends upon the specified timetable in the contract.

Over time, less premium will be paid into a whole life contract when compared to an annual renewable term life insurance policy because the whole life insurance uses premium plus investment interest to hold down the cost of insurance and the annual renewable term does not.

The Term Policy document is the contract under which your life's risk is undertaken by the Life Insurance complife's risk is undertaken by the Life Insurance compLife Insurance company.

In addition, the amount that the policy owner is allowed to borrow may actually be based on the value of the cash account, as well as the terms that are outlined in the life insurance contract.

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its «maturity») or on death.

Many term life policies do allow prorated refunds at some point during the life of the policy, during the insured's lifetime, although such refund is usually «short rated», that is, it is significantly less than the imputed value of the refund if calculated using conventional tables, using the rate of return specified in the insurance contract.

Individuals who obtain a term insurance policy enter into a contract with the life insurance carrier that guarantees a specified death benefit in exchange for a specified level premium throughout the term of the contract.

Permanent life insurance contracts differ from term not only in their duration but also in providing policyholders a benefit that can be used while they are still alive, known as a policy's cash value.

If the insured person ever requires professional nursing home care or assisted living, the life insurance policy essentially converts to a long - term care contract.

Whole life is a long - term contract that is designed to allow you to buy the policy and never worry about increasing insurance costs or whether you are insurable in the future.

A term life insurance policy is a written contract.

The renewal of your term insurance policy may or may not be guaranteed and the insured should review their life insurance contract to see if evidence of insurability is required to renew the term policy.

Term life insurance contracts, also known as pure insurance policies, provide life insurance coverage to individuals for a specific period of time, or term, commonly issued with five -, 10 -, 15 -, 20 -, 25 - and 30 - year teTerm life insurance contracts, also known as pure insurance policies, provide life insurance coverage to individuals for a specific period of time, or term, commonly issued with five -, 10 -, 15 -, 20 -, 25 - and 30 - year teterm, commonly issued with five -, 10 -, 15 -, 20 -, 25 - and 30 - year terms.