Life insurance

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Related to Life Insurance Policies: whole life insurance, Term life insurance, Whole Life Insurance Policies

Life insurance

An insurance policy that pays a monetary benefit to the insured person's survivors after death.

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.

Life insurance.

Life insurance is a contract you sign with an insurance company, obligating it to pay a death benefit of a certain value to the beneficiaries you name.

In most cases, the payment is made at the time of your death, but certain policies allow you to take a portion of the death benefit if you are terminally ill and need the money to pay for healthcare.

You may select either term or permanent insurance. With a term policy, you are insured for a specific period of time. When the term ends, you must renew the policy for another term or change your coverage. Otherwise, you're no longer insured. With a permanent policy, you can buy coverage for your lifetime.

You pay an annual premium, typically billed monthly or quarterly, for the coverage. The insurer sets the cost, based on your age, health, lifestyle, and other factors. With a permanent policy, your premium is fixed, but with a term policy it typically increases when you renew your coverage to reflect the fact that you're older.

References in periodicals archive ?
Whole life insurance policies are often popular among consumers close to retirement age.
WHEN INDIVIDUALS OR BUSINESSES HAVE UNNEEDED life insurance policies they have three options: continue paying the premiums until the insured's death, surrender the policy for the cash value or find a third party to buy the policy in a life settlement transaction.
It pertains to all group and individual life insurance policies.
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Life insurance policies that are term life are a little easier to handle in these tough economic times.
CPAs also should remember to routinely check all life insurance policies to see whether the interest rates the carrier assumed and the investment returns variable life policies achieved are reasonable and on target with original projections.
The Life Insurance and Annuities Committee of the National Association of Insurance Commissioners unanimously adopted a report that would outline state regulation of life settlements, the practice of healthy insureds selling their life insurance policies to investors for cash.
Life insurance companies offer employers, unions and other organizations the option of providing life insurance to their members or employees through group life insurance policies.
Outside jumbos, one new product enables buyers to sock away all or part of a down payment on a home in investment vehicles such as variable and fixed annuities, and in life insurance policies.
Life Settlement Solutions is a life settlement provider, offering owners of qualifying life insurance policies the opportunity to convert their life insurance policies into cash.
Anyone who sells variable life insurance policies or variable annuities is required to have an NASD license, along with an insurance license.
If the trust holds only life insurance policies and no income-producing assets, and the premiums are paid via gifts made by the grantor to the trust each year, there will be no income to report.

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