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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).
Opt for term life instead of permanent life insurance. Choose a lower face amount for your policy. Use a laddering strategy with multiple term policies. Get quotes from multiple providers to ...
A life insurance beneficiary is the person who receives the life insurance payout from your policy when you die. The beneficiary or beneficiaries can typically use this money in any way they see fit.
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
In the case of so-called "double indemnity" life insurance policies, the beneficiary receives double the face value in case of accidental death. The face value of property, casualty or health insurance policies is the maximum amount payable, as stated on the policy's face or declarations page.
An irrevocable beneficiary has a guaranteed right to receive the death benefit from your life insurance policy, and their consent is required for any changes that affect their rights.
Juvenile life insurance advocates note that over the long term, management fees for other financial products typically will exceed juvenile life insurance policy commissions. For example in the illustration above, typical management fees of 1% annually would exceed, in every year following the 6th year, the $900–$1,800 one-time commission ...
Learn about the different types of life insurance and the benefits of each one.
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