Search results
Results from the WOW.Com Content Network
Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries. Such responsibilities may include, but are not limited to, consumer debt , dependent care , university education for dependents, funeral costs, and mortgages .
Level death benefit: The death benefit remains consistent, similar to whole life insurance. Increasing death benefit: The benefit grows along with the cash value, although premiums are typically ...
Death Benefit Type. Description. Payout Conditions. All-Cause Death Benefit. Covers most causes of death, found in traditional life insurance policies (term, whole, universal life).
Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a "level death benefit"; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death ...
Higher death benefits result in higher premiums, so a $3 million death benefit will cost more than a $500,000 death benefit. Adding riders , such as a child rider or waiver of premium, usually ...
Universal life insurance (often shortened to UL) is a type of cash value [1] life insurance, sold primarily in the United States.Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.
Accidental Death Benefit (ADB): These are life insurance policies that only pay out due to a qualifying accident, such as a car crash. What qualifies depends on the insurer and the policy.
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [1]