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It is provided with whole life insurance policies that allow the insured to stop paying premiums through cash surrender, buying a reduced paid-up or getting an extended term.
Cash surrender is the method that gives the option to cash in. It results in a charge or a penalty for cancelling early, which one may have to pay personally, and if you borrowed from the policy in the past, the overall value would be reduced. Some of the rules associated with it are -
You get a check of the net cash value that you can use to get money when required.
If you are applying for it, all rider coverage and premium cease.
If you cannot pay the premium in the grace time, you will have to reinstate it by showing evidence of good health and paying the unpaid with interest.
Extended-term insurance can keep the original face amount for a specific term or period.
Once it is changed to extended, you do not need to pay premiums anymore and do not need to build more cash value. It will remain in force until the length of the term expires; that is the time when you no more have it.
The extended term can be activated when some period in the plan has been in effect, and one or more premiums have been paid.
It should not be surrendered for cash if the face value of the plan remains the same. The individual can be covered under the policy where the length of the term will depend on how big the cash balance was at the time of forfeiture.
This is used when you want to discontinue paying retirement investments when a small amount of insurance is satisfactory. One owns the amount from that point until they die.
Reduce paid-up financial solutions provide insurance based on the insured age, which can be less than the original face amount. However, the policy is completely paid up and may continue to get dividends and remain in force for the insured's life.
Another provision is to set it up against a loan where the amount exceeds the cash and automatically gets cancelled on the predetermined terms.
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