Life insurance policy

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Related to Life insurance policy: Term Life Insurance Policy

Life insurance policy

The contract that sets out the terms of life insurance coverage.

Life Insurance

An insurance policy where, in exchange for a premium, the insurance company pays a certain benefit to the survivors of the policyholder upon his/her death. Life insurance can help defray costs of the funeral, pay off the estate's debts, and may provide for the survivors' (notably a widow or widower) future. There are two main types of life insurance. Term life insurance lasts only for a certain period of time and pays the death benefit only if the policyholder dies during that time. Whole life insurance lasts as long as the policyholder remains alive and provides a savings component against which the policyholder can borrow under most circumstances.
References in periodicals archive ?
If you know where the individual life insurance policy was purchased, you can contact that state's government to see if it has any unclaimed money from life insurance policies belonging to the deceased.
The viator then receives the cash payment after transferring ownership of the life insurance policy to the viatical settlement provider.
Jack Dolan, a spokesman for the American Council of Life Insurers, said his group believes that before you "relinquish interest in your life insurance policy, talk to your life insurance agent or insurance company; see if the policy has options that can address your financial needs," Dolan said.
This limitation implies that a purchased life insurance policy does not have future benefits above its cash surrender valued--but the purchaser clearly is paying more precisely because it does have greater benefits.
The seller submits to the buyer the necessary paperwork, including an application, a copy of the life insurance policy, an in-force ledger (an annual schedule of policy details) to age 95, an authorization form, a copy of any trust agreement if the policy is trust-owned and the insured's medical records for the past two years.
Thus, for example, if the trust's only asset is a life insurance policy, the trust would not have to file income tax returns, because it does not have gross income of $600 or more or any taxable income.
Charles Harris, for example, pays a monthly $175 premium for his $300,000 universal life insurance policy.
2 /PRNewswire/ -- If you are health conscious, there's yet another benefit to clean living: You could qualify for substantial financial savings -- that is money in your pocket -- with a new low-cost term life insurance policy.
NYSE:PRU) introduced today a new term life insurance policy that includes a money back guarantee.
Now suppose a producer persuades the participant to use $49,000 to pay for a whole life insurance policy.
In general, a business cannot deduct premiums paid on a life insurance policy (even though they are otherwise deductible as a trade or business expense) if the company is directly or indirectly a beneficiary under the policy and the policy covers the life of a company officer or employee or any person (including the company) with a financial interest in the business.
In general, a charitable split-dollar insurance transaction involves a transfer of funds by a taxpayer to a charity, with the understanding that the charity will use the transferred funds to pay premiums on a cash-value life insurance policy that benefits both the charity and the taxpayer's family.

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