Life insurance policy


Also found in: Dictionary, Thesaurus, Acronyms, Encyclopedia.
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 ?
One of the most overlooked--and misunderstood--assets that the authors see in portfolios every day is an old life insurance policy that has been lying around for years.
A typical life insurance policy should describe the insured's rights to name and change the beneficiary.
Example 1: Mark Arnold bought a life insurance policy years ago, when his children were young.
A variable universal life insurance policy permits the owner to invest the cash value of a life insurance policy in stock and bond market subaccounts (which must have looked very attractive to Cochran in 1998 as the technology rally took off).
Life insurance is an unqualified asset for Medicaid applicants, and it has been standard practice to abandon a life insurance policy if it is within the legally required five-year look-back spend-down period.
The time period just happens to coincide with a life insurance policy's contestable period, during which the insurance company can contest and rescind the policy.
It is also possible to set the term of the life insurance policy and it may be wise to cover the period until all of your children begin to become financially independent, or until your spouse retires.
* A complete and accurate description of all offers and counter-offers relating to the sale of the life insurance policy.
The specific parties involved in the sale of your life insurance policy in a life settlement transaction are identified above.
The insurer said the premium payable by a 50-year-old man for a single-premium whole life insurance policy that promises to pay 5 million yen on his death will be cut by 49,300 yen to 3,641,300 yen.
In 2001 she bought a $750,000 variable universal life insurance policy, which doubles as an investment vehicle.
In a recent survey of accountants, attorneys, estate planners and insurance professionals by Maple Life Financial, a Maryland-based life settlement provider, 45% of respondents had clients over age 65 that had surrendered a life insurance policy for its cash value.

Full browser ?