Anyone know of a company that offers a Deposit Term Life Policy?
Total Comments: 4
Posted: Mon Jan 05, 2009 09:58 am Post Subject:
Well, it may sound very elementary to some but what is deposit term life insurance?
Posted: Mon Jan 05, 2009 10:07 am Post Subject:
Hi bandit, please don't hesitate to put forward any query to the community. We'd try our best to resolve your problem.
The deposit term life plan is a form of level term plan where the policy holder is required to pay a security deposit along with the premium at the first year. This deposit money then accumulates interest and is available to the insured at the end of the term. The insured then can qualify automatically for another deposit term life/ any general term life plan.
The premium rate for the deposit term life plan is higher than the standard term life plans.
Hope this helps.
~Jeremy
Posted: Mon Jan 05, 2009 10:27 am Post Subject:
Deposit Term Life is a 10 year Term Policy in which the insured makes a deposit in the first year in addition to the periodic premiums. The deposit earns a favorable amount of interest (10%) which accumulates over the policy term. When the policy expires the insured may take the money, roll over the money for another 10 year period or convert to permanent life insurance. If the Insured terminates the policy anytime before the expiration the deposit and interest are lost. In the event of death the the deposit with interest are paid in addition to the death benefit. The interest rate and policy face value are guaranteed and no evidence of insurability is required for roll over or conversion.
Posted: Mon Jan 05, 2009 09:58 am Post Subject:
Well, it may sound very elementary to some but what is deposit term life insurance?
Posted: Mon Jan 05, 2009 10:07 am Post Subject:
Hi bandit, please don't hesitate to put forward any query to the community. We'd try our best to resolve your problem.
The deposit term life plan is a form of level term plan where the policy holder is required to pay a security deposit along with the premium at the first year. This deposit money then accumulates interest and is available to the insured at the end of the term. The insured then can qualify automatically for another deposit term life/ any general term life plan.
The premium rate for the deposit term life plan is higher than the standard term life plans.
Hope this helps.
~Jeremy
Posted: Mon Jan 05, 2009 10:27 am Post Subject:
Deposit Term Life is a 10 year Term Policy in which the insured makes a deposit in the first year in addition to the periodic premiums. The deposit earns a favorable amount of interest (10%) which accumulates over the policy term. When the policy expires the insured may take the money, roll over the money for another 10 year period or convert to permanent life insurance. If the Insured terminates the policy anytime before the expiration the deposit and interest are lost. In the event of death the the deposit with interest are paid in addition to the death benefit. The interest rate and policy face value are guaranteed and no evidence of insurability is required for roll over or conversion.
Posted: Mon Jan 05, 2009 03:05 pm Post Subject:
How much beneficial is it in comparison?
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