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23 July, 16:41

When a whole life policy is surrendered for its nonforfeiture value what is the automatic option?

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  1. 23 July, 16:52
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    The automatic option is "extended term".

    An extended term insurance refers to a non-forfeiture option which is given by life insurance companies to those policy holders that holds whole life insurance policy. Considers the utilization of cash balance which is held in whole life insurance policy to pay for term life insurance.
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