Sentences with phrase «whole death benefit amount»

Therefore, your beneficiary can use the whole death benefit amount to pay off debt, final expenses, or other fees as needed.

Not exact matches

Whole Life Insurance guarantees a minimum death benefit (also known as the face amount), no matter how long you live, as long as premiums are paid.

Colonial Penn's term and whole life insurance products don't require a medical exam and have a maximum death benefit of $ 50,000, meaning you'll typically pay higher premiums and won't be able to purchase a greater amount of coverage should your financial needs change.

Whole life insurance will pay out a set amount of money to your beneficiaries when you die, called a «death benefit.»

If you have an outstanding loan on your whole life insurance policy when you die, the death benefit that is paid out to your beneficiary (or beneficiaries) will be reduced by the unpaid amount of..

With whole life, the amount of the death benefit is guaranteed, and the cash value that is within the policy is allowed to grow on a tax - deferred basis.

Q. Is the amount of an unpaid loan from a whole life insurance policy deducted from the death benefit?

For example, suppose a Medicaid applicant has a whole life insurance policy with a $ 1,500 death benefit and a $ 700 cash surrender value (the amount you would get if you cash in the policy before death).

If you pay a lump sum death benefit to a dependant, the whole amount is tax - free.

The premium amounts and death benefits are fixed with Whole Life.

A whole life insurance policy will offer guaranteed level premiums throughout the life of the policy, as well as a guaranteed amount of death benefit.

What is different between whole life and universal life is that with whole life, premiums and the amount of the death benefit are fixed.

Whole life insurance ensures a guaranteed amount of death benefit protection — regardless of how long the insured lives.

The whole life insurance policy that is offered through MetLife Insurance Company provides death benefit protection that starts at $ 10,000, and there is no maximum amount.

It's important to note if you take out a loan on your whole life insurance policy and die while the loan is out, the death benefit may be used to pay back the outstanding amount, meaning your beneficiaries won't get the full amount.

Another benefit of whole life insurance is that you can put a seemingly unlimited amount of money into your policy, based on your policy's death benefit.

In order to do that, the exact amount of annual death benefits must be identical in both the term life insurance product and the whole life insurance product.

The point is to input the exact same amount of annual life insurance death benefit and PREMIUMS, for both the term and whole life products, in order to do a true: Buy term life insurance and invest the difference into an alternate investment vehicle (called a mutual fund in this software) vs. buying whole life and «investing» in the life insurance company's subaccounts.

Just keep in mind to ensure that the amounts of annual death benefit you input are identical in EVERY YEAR in BOTH the term and whole life products.

Death benefit amounts can sometimes vary year to year depending on the type of policy (universal or whole life) that is purchased.

Because term is so much cheaper than whole life insurance, you can buy a lot more coverage (meaning a larger death benefit) for the same amount of money.

In a $ 500,000 whole life insurance policy with a level death benefit, as the premium is paid, fees and sales charges are deducted, and the remaining amount is credited to the cash value.

This rider offers an accidental death benefit that is equal to the policy's face amount — and pays out in addition to the whole life insurance benefit if the insured dies as the result of a covered accident.

Universal life provides a death benefit, and cash value build up, however, these policies are more flexible than whole life, as the policyholder may (within certain guidelines) alter the timing and the amount of the premium payment.

With whole life insurance, your death benefit, as well as the amount of premium that you pay, are both locked in and guaranteed.

With whole life insurance, the premium amount will never increase, and the amount of the death benefit will not decrease — even as the insured gets older (and even if he or she contracts an adverse health issue).

Whole Life policies provide a guaranteed amount of death benefit (in this case $ 250,000) and a guaranteed rate of return on your cash values.

These policies are more flexible than whole life, however, as the policyholder — within certain guidelines — may choose the amount of premium that goes towards the death benefit and the amount that goes into the cash value.

With the whole life insurance policy through Colonial Penn, the full amount of the death benefit will be paid out to a named beneficiary (or multiple named beneficiaries), regardless of when death occurs.

Death benefit amounts can sometimes vary year to year depending on the type of policy (universal or whole life) that is purchased.

Another thing to keep in mind is that term insurance is less costly than whole life insurance for equal amount of death benefit.

Because it is whole life, premiums never increase, but your initial monthly cost will be substantially higher than the term counterpart of the same death benefit amount.

It's important to note if you take out a loan on your whole life insurance policy and die while the loan is out, the death benefit may be used to pay back the outstanding amount, meaning your beneficiaries won't get the full amount.

As with whole life insurance, you may be able to take loans against the cash value of a universal life policy, however the death benefit and cash value will be reduced by the amount of any outstanding loans and interest upon your death.

Because term is so much cheaper than whole life insurance, you can buy a lot more coverage (meaning a larger death benefit) for the same amount of money.

This complete assessment of a family's financial needs will help determine the correct life insurance provider, type of insurance (term life, whole life, or a combination of both), death benefit amount, and the amount of monthly premium the insured can afford to maintain the policy.

Whole life insurance will pay out a set amount of money to your beneficiaries when you die, called a «death benefit.»

You pay a monthly premium — typically about one fourth the cost of whole life premiums — in exchange for the promise that your life insurer will pay out a pre-set death benefit (also known as your «coverage» or «face amount») to your survivors (also known as «beneficiaries»).

Death benefit amounts of whole life policies can also be increased through accumulation and / or reinvestment of policy dividends, though these dividends are not guaranteed and may be higher or lower than earnings at existing interest rates over time.

Q. Is the amount of an unpaid loan from a whole life insurance policy deducted from the death benefit?

If you have an outstanding loan on your whole life insurance policy when you die, the death benefit that is paid out to your beneficiary (or beneficiaries) will be reduced by the unpaid amount of..

The death benefit of a whole life policy is normally the stated face amount.

For some traditional whole life insurance policies, the death benefit could be reduced by more than the amount you withdraw.

With a whole life insurance plan, the amount of the policy's death benefit will remain the same, as will the amount of the premium payment.

With whole life, the amount of the death benefit is guaranteed, and the cash value that is within the policy is allowed to grow on a tax - deferred basis.

Transamerica's final expense life insurance is a whole life insurance policy — which means that it provides a death benefit and a premium amount that is locked in a guaranteed.

How much cash value a whole life insurance policy can build depends on such factors as your age, how long you've owned the policy, the policy's coverage amount (death benefit), and whether there's any outstanding debt from loans against the policy.

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).

Good article - I do believe whole life insurance can have it's place, but I think the most important thing is the «right amount» of total insurance, or death benefit.

Both the death benefit and the premium amount are typically guaranteed to remain fixed with a whole life insurance plan