If the premiums are not paid on a Traditional Whole Life policy that has been in force for decades with no loan outstanding, what happens

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03-07-2021
Business

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If the premiums are not paid on a Traditional Whole Life policy that has been in force for decades with no loan outstanding, what happens

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buchinnamani208 buchinnamani208 · Answer 1 · 2021-07-05T23:00:00-04:00

Answer:

The surrender cash value is used for the extended term option.

Explanation:

This is where the nonforfeiture clause comes to policyholders aid. The nonforfeiture clause allows the policy holder who has not made payment of premiums within the grace period to be able to get the cash value of his whole life policy(with already paid premiums), recovered either by cash or extended term option or any other agreement made prior. The cash value of his whole life policy could be applied to the extended term option, allowing the policy holder to get a term insurance policy worth the value of his surrender whole life policy minus any loans against it.

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