Sentences with phrase «usually upon the death of the insured»

An agreement that guarantees the payment of a specified amount of money usually upon the death of the insured.

Not exact matches

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

Since most AD&D payments usually mirror the face value of the original life insurance policy, the beneficiary receives a benefit twice the amount of the life insurance policy's face value upon the accidental death of the insured.

Additionally, if one engages in the transaction, the insured may occasionally (usually about once a year) receive a call from a servicing company to inquire upon the health of the insured (to determine if the insured has died and whether the investor should be making a death benefit claim on the policy).

Since your premium is based upon the joint life expectancy of both insureds — like you and your spouse — survivorship life insurance is usually less expensive per thousand dollars of death benefits than traditional universal life insurance.