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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Take a look at 20 pay life insurance. Most people know that you buy whole life insurance if you want to be covered for the rest of your life even if you live to age 100.