Sentences with phrase «upon the death of the insured for»
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.
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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.
Another name would be «death» insurance, since the focus is on providing for the insured's beneficiary upon the death of the insured.
In return for these premiums, the insurance company will provide a death benefit to a named beneficiary upon proof of the insured's death and a policy cash value.
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.
In many ways, Final expense insurance works like any other type of life insurance policy in that a premium is paid for the coverage, and then upon the insured's death, the proceeds are paid out to a named beneficiary.
In exchange for paying premiums on a policy, the insurance company provides a lump - sum payment (far in excess of what you paid in), known as a death benefit, to beneficiaries upon the insured's death.
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.
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.
At the same time, it gives coverage for the insured party's family, which means that beneficiaries will receive proceeds from the insurance claim upon death of the policy holder.
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.
Life insurance is a protection that is offered for the family of the policyholder — upon the death of the insured, the agreement requires that the insurance company stands by the stipulations of the contract and provides the benefits of the plan to the family of the deceased.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).
Whole life policies offer a choice of having a level benefit (where the policy pays out the face amount and any rider benefits to a named beneficiary upon the insured's death), or a graded benefit (where the policy will pay out a reduced amount of benefit if the insured's death occurs for reasons other than an accident within the first two policy years).
In exchange for premium payments, the insurance company presents a lump - sum payment, known as a death benefit to beneficiaries upon the event of the insured's death.
Return of premium (ROP) is a type of life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term, or includes a portion of the premiums paid to the beneficiary upon the death of the insured.
Beneficiary is the person (s) or entity (ies)(for e.g. corporation, trust etc.) who is named in the policy as the recipient of insurance proceeds upon the death of the insured.
Term plans are investments which ask for scheduled payments for a specific agreed upon time known as premiums and the benefits as per the terms and conditions of the term plan, benefits are provided to the family after the death of the insured.
Second - to - die life insurance: A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second insured.
In exchange for making premium payments over a period of (x) amount of years (x being the length of the term), the life insurance company provides financial protection on the life of an insured person and is legally bound to pay any valid claim upon death of the insured person.
Survivorship life insurance: A life insurance contract which covers two lives and provides for the payment of the proceeds upon the death of the second insured.
Allianz Life's 2018 Life Insurance Needs Survey finds Consumers Interested but Undereducated about Living and Tax Benefits MINNEAPOLIS — March 20, 2018 — Although most Americans have a strong understanding of the primary need for life insurance within their financial strategy — particularly the death benefit that provides monies to family / loved ones upon death of the insured — many are unaware of the additional living and tax benefits that may be available through permanent life insurance.
Policy Owner: Premiums paid by the policy owner are normally not deductible for federal and state income tax purposes, and proceeds paid by the insurer upon the death of the insured are not included in gross income for federal and state income tax purposes.
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.
For Example - If Rs 1 crore term plan is selected then upon an eventuality (death of the life insured) whole lump sum death benefit of Rs. 1 crore will be paid to the nominee.
Burial insurance works much like other types of life insurance in that, in return for the payment of a premium, a benefit is paid out upon the death of the insured.
The agreement provides that in return for timely premium payments to the insurance company, the company will provide a specified death benefit upon death of an insured.
Life insurance is a contract between a person or policyholder and an insurer or Insurance Company, where the insurer promises to pay a designated beneficiary a specified sum of money, upon the death of the insured, in exchange for a premium paid.
In return for these premiums, the insurance company will provide a death benefit to a named beneficiary upon proof of the insured's death and a policy cash value.
For instance if an insured has four children, the contract owner could name each child a 25 % primary beneficiary, meaning each child will receive 25 % of the total death benefit upon payout.
As a basic premise, the policy's death benefit will pay out upon the death of the insured in return for the payment of a premium.
Term life insurance is the type of insurance which pays the face amount of the policy applied for upon the death of the insured.
It can be used for many of the needs mentioned so far, to pay off debt or to pay college expenses upon the insured's death, but it lasts a little longer.
In exchange for a series of premium payments or a single premium payment, upon the death of an insured person, the face value (and any additional coverage attached to a policy) minus outstanding policy loans and interest, is paid to the beneficiary of the life insurance policy.
Burial insurance is a modest amount of life insurance coverage used to pay for funeral expenses upon the death of an insured person.
For a general life insurance policy, the maximum amount the insurer will pay is referred to as the face value, which is the amount paid to a beneficiary upon the death of the insured.
Option 3: Income Option Under the income option, 10 % of the sum assured is paid as a lump sum upon death of the life insured and the remaining 90 % of the sum assured shall be paid as monthly income over next 15 years (0.5 % of sum assured every month for 15 years).
In exchange for a series of premium payments or a single premium payment, upon the death of an insured person the face value (and any additonal coverage attached to the policy), minus outstanding policy loans and interest, is paid to the beneficiary.
For example, it will stay in place for life as long as the premiums are paid and, upon the death of the insured, the beneficiary will receive the death benefFor example, it will stay in place for life as long as the premiums are paid and, upon the death of the insured, the beneficiary will receive the death beneffor life as long as the premiums are paid and, upon the death of the insured, the beneficiary will receive the death benefit.
To fulfill the IRC definition of life insurance, life insurance contracts must provide for a sufficient «amount at risk» — the pure death benefit protection that a beneficiary would receive upon the death of the insured.
Some of the most common include: cheaper cost when compared to two separate policies, cuts back on the need to plan for which person will die first, simplicity based on the death benefit being paid upon the passing of the second insured, and a more liberal underwriting process.