Deposit Term
- Thread starter SamIam
- Start date
New term for me but here is what I found:
Policy in which (in addition to the periodic premium) the insured deposits a sum with the insurer for the policy period (usually 10 years) on which interest accumulates. After the expiry of policy period the insured may roll over the sum for another period (and the subsequent periods), or convert the term policy to ordinary life policy, without the need for the evidence of insurability. However, if the insured cancels the policy before the expiry of the first policy period, he or she loses both the deposit and the interest. If the insured dies during the cover period, the deposit plus interest is added to the death benefits.
Policy in which (in addition to the periodic premium) the insured deposits a sum with the insurer for the policy period (usually 10 years) on which interest accumulates. After the expiry of policy period the insured may roll over the sum for another period (and the subsequent periods), or convert the term policy to ordinary life policy, without the need for the evidence of insurability. However, if the insured cancels the policy before the expiry of the first policy period, he or she loses both the deposit and the interest. If the insured dies during the cover period, the deposit plus interest is added to the death benefits.
Haven't seen or heard of this product in years. This was a product used by the A L Williams faithful in the early days.
10 year term paired with a single premium deferred annuity. (This was before tax treatment of annuities changed).
The concept, you paid your term premium for 10 years + the one time annuity "deposit". At the end of 10 yrs you got all your money back.
Some used the annuity to fund an IRA.
10 year term paired with a single premium deferred annuity. (This was before tax treatment of annuities changed).
The concept, you paid your term premium for 10 years + the one time annuity "deposit". At the end of 10 yrs you got all your money back.
Some used the annuity to fund an IRA.
- 7,790
I think that deposit term went the way of high button shoes!
- 6,013
There is one that allows you to have the Term with ROP - 20 or 30 years, allows you to start the "deposit" with as little as $25 and you can contribute to the fund in the same increments on a pre-set interval basis.
The one I'm speaking of has a guaranteed 5% return for the term of the agreement.
Bank Draft only. Penalties apply for early withdrawal. Can be set up as payroll deduction.
Tom
The one I'm speaking of has a guaranteed 5% return for the term of the agreement.
Bank Draft only. Penalties apply for early withdrawal. Can be set up as payroll deduction.
Tom
- 428
what company ,contact info!!
Glad to see that I didn't really miss something. In all the books and studies I have done I do not remember any reference to deposit term.
