Is a temporary life insurance but includes a condition that allows the contractor to convert the temporary document into any monetary value document such as a life insurance policy or a life insurance policy at the same normal rates for co-insurance or life insurance without medical disclosure. A young person can buy a low cost life cover. Over time, when he or she advances in his or her life, he or she can convert it into expensive insurance. When converted, the value of the monetary value document is higher than the premium G.
Under the old age method, the new annual premium is calculated on the basis of the age of the insured at the date of transfer. If a person has purchased a temporary life insurance policy and the term of insurance is 20 years when he / she is 35 years of age and converted to a life insurance policy The age of the insured is 40 years at the date of actual transfer, even if a person has purchased a temporary life insurance policy that is convertible and the term of insurance is 20 years when he / she was a year old. (Age) 35 years and converted to insurance policy (20 years) at age of 40 years, the annual premium imposed on the hybrid insurance policy is determined on the basis that the insured is 40 years old and that the insurance period is the remaining period of 15 years. The new installment is payable for 15 years.
Under the original age method, the new annual premium is calculated on the basis of the age of the insured at the date of purchase of the transferable life insurance policy. If a person has purchased a temporary life policy and is 20 years old when he / she is 35 years of age (Age) is 40 years, the annual premium imposed on a life document is determined on the basis that the age of the insured is 35 years on the date on which the life insurance policy for the transferable life is purchased, so this The person must pay the amount The difference between the five-year transferable life insurance premium and the life insurance premium for five years (from the age of 35 to the age of 40). This difference is charged with interest for a period of five years and then the regular periodic installment of a document Life insurance on the basis of age 35 years.
If a person has purchased a temporary life insurance policy when he / she is 35 years of age and the term of the insurance is 20 years and converted to a mixed insurance policy of the same duration (20 years) when he / she is 40 years of age, On the basis that the Insured's age is 35 years on the date on which the Term Life Insurance Policy is acquired and on the basis that the term of the insurance is 20 years, so this person must pay a lump sum on the date of transfer representing the difference between the life insurance premium Years and premium life insurance policy mixed for five (From the age of 35 to the age of 40). This difference is charged with interest for a period of five years. Therefore, the annual premium for the mixed life insurance policy is 35 years and 20 years. The annual premium is paid for 15 years.
Age is the most popular method of age, since the original age method requires a large lump sum payment at the beginning of the conversion.
The temporary life insurance policy does not contain a due date but contains the end date of the insurance and does not contain a beneficiary in case the insured survives the end of the insurance period because the document ends without value and the temporary insurance is by medical disclosure.
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