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A term policy is a kind of insurance policy wherein it provides coverage for a limited period of time only. When the insured person died during coverage time, and the policy is active, the relatives can get a death benefit.
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Who are benefits of a life insurance policy paid to if the insured survives the term?
In a term policy if you outlive the term of your policy, no benefits are paid. For example, if you buy a 20 year term life insurance policy, and you are alive at the end of the policy, no death benefit is paid out. -ex
What is convertible term insurance?
A term policy that can be converted to a whole life (or other) policy.
When is a policy paid out?
a policy can be paid out upon death of the life insured, maturity (if the policy has a term and is with profit) or via cash surrender (for a lower value) as long as the policy is with profit and is not a assurance term policy
What is an endorsement to a insurance short term policy?
It amends the policy
Can the actual cash value of an extended term life policy be liquidated by the insured?
no there is no cash value in a term insurance policy
Can i take out a term life insurance policy then quickly sell it?
No, because Term Life insurance policy has NO cash value.
What benefit is paid if the insured dies after term insurance expires on an extended term insurance policy?
Once the term policy expires there is no further benefit owed to the owner/beneficiary of the policy. You have converted the whole/entire life policy into a term/temporary policy. The cash value was used to pay the premiums for the term policy. Therefore, there is no longer a cash value on your insurance policy. Once the temporary policy expires, a new policy or extension must have been in place before the insured's death to receive any benefit. This is one of the non-forfeiture options standard to insurance policies.
What is the purpose of a term policy?
A term policy is a form of life insurance that is the least expensive method of insuring that if one dies during the term, the money will be given to a beneficiary.
What was meant by the term 'White Australia Policy'?
an unofficial term for an immigration policy designed to restrict the entry of coloured people into Australia
Can there be a face amount decrease in a term policy?
sir. ther is no maturity benefit in pure term plan,only death benefit.if the policy holder lives entire term of policy he/she wil not receive anym oney from the company.
What does the term policy impacts mean?
The effects that a policy has on people & on society's problems.
What are the disadvantages of a renewable term life insurance?
Renewable term or ART (Annual Renewable Term) - premium increases every year as you get older. A level term policy however has level premiums for the length of the term. Also, you can also get a Return Of Premium level term, and get your money back at the end of the term if you outlive your policy. Other option is to convert your term policy into a permanent type policy, like whole life or universal life. An experienced agent can help with this.
