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It is provided with whole life insurance policies, that allows the insured to stop paying premiums through cash surrender, or 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 canceling early where one may have to pay personally and if you borrowed from the policy in the past, the overall value will 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 are unable to pay the premium in the grace time, you will have to reinstate it by showing evidence of good health and by paying the unpaid with interest.
Extended-term insurance can be used to 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 you 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 like retirement investment when a small amount as insurance is satisfactory. One just owns the amount from that point until they die.
Reduce paid-up financial solutions provide insurance based on the insured age and the amount can be less than the original face amount, however, the policy is completely paid up and may continue to get dividends and may remain in force for the life of the insured.
Another provision is to set it up against loan where the amount exceeds the cash money and it automatically gets canceled on the predetermined terms.
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