Sentences with phrase «upon death of the insured»

Claims are paid after death: You need to understand that claims from life insurance policy can only be made upon the death of the insured.

At its most basic, life insurance provides a sum of money, called a death benefit, to the beneficiary of a life insurance policy upon the death of the insured.

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.

Beneficiary: the beneficiary is the person or entity that receives the life insurance benefit from the insurer upon the death of the insured.

The Legalese «The Acceleration of Death Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.»

You make payments on the policy and, in return, the insurance company provides a lump - sum payment, also called a death benefit, to the beneficiaries you have chosen upon the death of the insured.

The insurance company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured.

The cash value policy pays out a lump sum cash benefit upon the death of the insured for the benefit of the life insurance beneficiary.

Beneficiary: A person (s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured.

Benefit: For life insurance, it is the amount of money specified in a life insurance contract to be paid to the beneficiary upon the death of the insured.

The definition of life insurance death benefit is the amount of money payable to the beneficiary or beneficiaries listed on a life insurance policy upon the death of the insured, minus any policy loans.

The death benefit of a life insurance policy is the amount paid out upon the death of the insured, while cash value refers to the amount of funds in a permanent life insurance policy's cash account.

Another name would be «death» insurance, since the focus is on providing for the insured's beneficiary upon the death of the insured.

Upon the death of the insured, the insurance company pays a death benefit to the beneficiary.

Life insurance protection comes in many different forms, but the primary purpose of any policy is to provide a death benefit upon the death of the insured.

This means that in many cases the full amount of death benefit will be paid upon the death of the insured without a waiting period.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

Beneficiary A beneficiary is the person (s) selected by the policy owner to receive the life insurance payments upon the death of the insured.

The proceeds or benefit that is payable to the beneficiary of a life insurance contract upon the death of the insured.

Upon the death of the insured, the lump sum death benefit is paid income tax free to the policy beneficiary.

Beneficiary: A person (s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured.

$ 500,000 Term Life Insurance Term life insurance is a financial security product that pays out funds in a lump sum upon death of the insured.

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.

Upon the death of the insured, the beneficiary will receive the proceeds of the life insurance taxfree.

Upon the death of the insured, the insurance company pays a death benefit that is partly insurance and partly a return of policy's cash value.

Lump - sum payments do not accrue interest: A $ 200,000 policy will pay out exactly $ 200,000 upon the death of the insured party.

It provides cash to the beneficiary upon the death of the insured.

Most people are aware that life insurance companies usually pay out a lump sum death benefit upon the death of the insured.

A policy owner receives a cash payment, while the purchaser of the policy assumes all future premium payments and receives the death benefit upon the death of the insured.

Beneficiary The individual or entity designated to receive a life insurance or annuity death benefit upon the death of the insured or the annuitant.

When you have a final expense insurance policy, a death benefit is paid out to a named beneficiary upon the death of the insured.

The buyer pays all future premiums and receives the death benefit upon the death of the insured.

Upon the death of the insured, the death benefits payable are reduced by the total accelerated death benefit lien.

Under the terms of a life insurance policy, the insurer will generally make a payment upon the death of the insured.

Upon the death of the insured, the designated beneficiaries receive the death benefit less the amount paid out under the long - term care rider.

Upon the death of the insured, the lump sum death benefit is paid income tax -LSB-...] Continue Reading

LTCSO allows the owner of the AAFMAA policy the option of converting the death benefit on an eligible insured life — normally payable only upon the death of the insured — into regular periodic payments prior to death, specifically to defray the cost of nursing home, custodial or home health care for the insured.

The insurance company pays a cash amount (called the coverage amount or death benefit) to the beneficiary (s) named in the policy upon the death of the insured person named in the policy.

Insurable Interest When a policy is purchased, the buyer must have an economic interest in the life if the insured, or a demonstrable expectation of loss upon the death of the insured.

Life insurance is a contract where, in exchange for premium payments, a lump sum of money is paid upon the death of the insured person.

Highlights of term insurance plans • Upon the death of the insured before the end of the Policy Term, the Death Sum Assured will be paid as the death benefit to the beneficiary.

Upon the death of the insured person the Life Insurance beneficiary gets the death benefit equal to the face value of the policy, which is free of income tax.

A life insurance beneficiary is an individual who receives the policy's benefit proceeds upon the death of the insured.

The Legalese «The Acceleration of Death Benefit Rider provides payment of all, or a portion of the death benefit, of the amount that would normally be paid to the beneficiaries upon the death of the insured, while the insured is alive if they are determined to be terminally ill with 12 months (24 months in some states) or less to live.»

The endowment without profit policies are also known as term insurance plans offer the nominee the sum assured only, upon death of the insured.

The death benefit is the amount paid to the beneficiary of the insurance policy upon the death of the insured person.

Upon death of the insured the death benefit is payable which can be taken in monthly instalments or in one lump sum

While mortgage life insurance works in much the same manner as a regular life insurance policy does, with the payout of death benefits upon death of an insured, in many instances, these types of policies will only require a minimal amount of underwriting for approval.

A death benefit, also known as the coverage amount, is how much will payout upon the death of the insured person.

Most annuity payments cease upon the death of the annuitant (this is what makes them different from regular life insurance policies, which generally make a payment to a beneficiary upon the death of the insured).