those values of money in a Life insurance policy that the owner does not forfeit even if he/she ceases to pay premiums.
Cash values in a life insurance policy to which the policyowner has a right, even if he or she elects to stop paying premiums. These can be taken under one of three possible nonforfeiture options: (1) surrender for full cash value; (2) use of the cash value to purchase reduced paid-up life insurance; and (3) use of the cash value to purchase extended term insurance in the full face amount of the original policy for as long as the cash value will pay net premiums.
Those benefits in a life insurance policy that by law the policyowner does not forfeit even if he or she discontinues premium payments; usually cash value, loan value, paid-up insurance value and extended term insurance value.
Those values in a Life Insurance policy that by law the policy owner cannot forfeit even if he ceases to pay the premiums. These benefits are the cash surrender value, the loan value, the paid-up insurance value, and the extended term insurance value. The policy owner may choose one of these nonforfeiture options, but even if he fails to do so, the one specified in the contract for such a case automatically goes into effect.
The value of a life insurance policy if it is cancelled or lapsed, either in cash or in another form of insurance.
For more than 100 years, insurance regulators have required that permanent life insurance policies have certain equity rights, even when the policy might lapse due to non payment of premiums. Nonforfeiture values include cash value net of loans, reduced paid-up life insurance, and extended term insurance.
The benefits, as printed in a life insurance policy, that the insurer guarantees to the policyowner if the policyowner stops paying premiums. These amounts may be used in a variety of nonforfeiture options.
