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Graded death benefit period: Certain policies, like guaranteed issue life insurance, may offer reduced death benefits during the first few years of coverage. The role of riders
These policies often include a graded death benefit, meaning that if the insured dies within the first two years, only the paid premiums are refunded, and the death benefit is not paid out, except ...
According to Fidelity Life, death benefit payouts typically range from $5,000 to over $100,000, providing more substantial coverage than final expense insurance.
The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old).
A life settlement or viatical settlement (from Latin viaticum, something received before death) [1] is the sale of an existing life insurance policy (typically of seniors) for more than its cash surrender value, but less than its net death benefit, [2] to a third party investor. [3]
The most efficient policy in terms of cash value growth would have the maximum premium paid for the minimum death benefit. Then the costs of insurance would have the minimum negative effect on the growth of the cash value. In the extreme would be a life insurance policy that had no life insurance component, and was entirely cash value.
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