Term insurance equal to the face amount of a whole life insurance policy. This option is one of the policy's nonforfeiture provisions and is funded by the policy's cash surrender value.
Is a nonforfeiture option that uses the cash value of an ordinary life policy as a single premium to purchase term life insurance in the amount of the original policy. The length of the term policy depends on the size of the cash value and the attained age of the insured. ()
A nonforfeiture option that provides for the cash surrender value of a policy to be used as a net single premium (at the insured's attained age) to purchase term insurance for the face amount of the policy, less indebtedness, for as long a period as possible (but no longer than the term of the original policy.)
A form of insurance available as a nonforfeiture option. It provides the original amount of insurance for a limited period of time.
The nonforfeiture option which provides that the cash surrender value of a policy may be used as a net single premium at the attained age of the insured to purchase term insurance for the face amount of the policy, less indebtedness, for as long a period as possible, but not longer than the term of the original policy. It is now the usual practice for companies to deduct any policy indebtedness from the cash surrender value and then to use the net equity to purchase term insurance for the full amount of the policy including dividend additions, less indebtedness, for the maximum period possible, but not exceeding the term of the original policy.
A form of paid-up life insurance available as a non-forfeiture option. It provides continued protection for the full face amount (less any policy loan outstanding), but only for a limited period of time.
A nonforfeiture benefit under which the net cash value of the policy is used to purchase term insurance for the amount of
A provision in most policies which provides the option of continuing the existing amount of insurance as Term Insurance for as long a period of time as the contract's cash value will purchase. This is one of the nonforfeiture options available to the insured in case a premium is not paid within the grace period. See also Nonforfeiture Values.
Most of the policies provides this provision of continuing the existing amount of insurance as Term Insurance for as long a period of time as the contract's cash value will purchase.