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What does a graded life insurance policy mean?

A graded death life insurance policy simply means that you wont receive the full death benefit if you die of natural causes or of anything beyond an accident within the first few years that policy is in effect.

What are provisions in life insurance?

What Is Graded Life Insurance? Graded life insurance offers a scaled death benefit that increases to its full amount over 3-5 years, targeting individuals with health issues or lifestyle risks ineligible for traditional policies.

What is the face amount of a $50,000 graded death benefit?

Modified life insurance premiums start low and then increase. Although this can make this policy more accessible to many policyholders, you must also plan for higher rates after the introductory period. On the other hand, traditional whole life insurance has fixed premiums throughout the policy term.

What is a graded life insurance policy?

Misstatement of Age If an insured misstated his/her age on the application, the policy will not be voided, but the insurer will adjust the face amount to properly reflect the face amount that the premiums being paid would provide had the correct age been known.

What is one of the provisions commonly found in life insurance misstatement of age clause?

A: Accelerated benefits, also known as living benefits, are life insurance policy proceeds paid to the policyholder before he or she dies. The benefits may be provided in the policies themselves, but more often they are added by riders or attachments to new or existing policies.