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- Life insurance provisions chapter 4 Flashcards - Quizlet
which of these statements regarding the extended term insurance nonforfeiture option in a life policy is accurate? the premium to purchase the coverage comes from the policy's cash value in the event of premium default, which life insurance provision will use the cash value to keep the policy in force?
- Life Insurance Non-Forfeiture Option (Terms Explained)
The extended-term nonforfeiture option allows the policyholder to use the cash value to purchase a term insurance policy with a death benefit equal to that of the original whole-life policy This allows the policyholder to stop paying the premiums but not forfeit the equity of their policy
- Understanding Extended Term Nonforfeiture: An Important Decision For . . .
The extended term nonforfeiture option is a good choice for those who can no longer pay their premiums but want to retain the value of their life insurance policy It is important to note that this option may adversely impact coverage, for example, by reducing the face amount or cancelling the policy completely
- Life Insurance Extended Term Options - Everly Life
Extended term options within life insurance policies are a nonforfeiture benefit that enables insureds to continue their coverage as term life insurance for a set period without paying additional premiums
- What Are Life Insurance Nonforfeiture Options? - Western Southern
Nonforfeiture options also give you several ways to extend your life insurance: through a paid-up smaller permanent policy, an extended temporary term policy or by covering the premiums on your existing policy with a loan
- Understanding the Extended Term Option in Life Insurance Policies
The extended term option is a nonforfeiture clause in life insurance policies that allows the policyholder to use the policy’s accumulated cash value to purchase term insurance coverage for a specified period
- What Is A Nonforfeiture Option In Life Insurance? | LiveWell
Extended Term Insurance Nonforfeiture Option The extended term insurance nonforfeiture option provides policyholders with an alternative to maintaining life insurance coverage without having to pay additional premiums
- What is the Extended Term Insurance Option?
Extended term insurance is a nonforfeiture option on a whole life policy that uses the policy's cash value to buy term insurance for the current whole life death benefit for a specified period of time The feature primarily seeks to help those who find themselves in a situation where the whole life premium is no longer affordable
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