Every permanent life insurance policy has what is referred to as nonforfeiture values. You buy a
whole life insurance policy
and you pay the premiums for a few years then something happens and you miss a payment or two.
You assume the policy is lapsed. Unfortunately, that is a word every life insurance buyer seems to know. Because the insurance agent is so afraid of that word he does not take the time to explain what the word lapse means.
Well, here goes, let us delve into how non-forfeiture values work.
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You buy a
term life insurance policy
and you miss a couple of payments your policy is in a
state of lapse.
It is kaput, that is the end of it. Not so with a
permanent life insurance policy.
Permanent life insurance policies have cash values and dividends which can, after a period of time, prevent your policy from going into a state of lapse.
There are certain non-forfeiture values which will come into play at that point. You don't lose all, you don't forfeit everything.
Well that is how nonforfeiture values work with your permanent life insurance policies.
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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.
Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.