Hi,
I have some few knowledge regarding this nonforfeiture. I had only known that Standard life insurance and long-term care insurance may have nonforfeiture clauses. The clause may involve returning some portion of the total premiums paid, the cash surrender value of the policy, or a reduced benefit based upon premiums paid before the policy lapsed.
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Thank you
It means that if you don't pay your premiums, then rather than the policy lapsing, it will be term insurance for a period of time, with no cash value.
It's some kind of reimbursement from the insurance company, should you decide to cancel your long term care (LTC) insurance policy.
If the policy cancels, the cash value or extended term insurance.
Non forfiture values apply only to Whole Life and UL life contracts.
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A non-forfeiture option in your long-term care policy is a feature that allows you to maintain some money if you decide to cancel your policy or if you fail to pay your premiums and the policy lapses. It is a sort of reimbursement by validating the minimum amount of your paid long-term care insurance premiums.
An amercer is a person who amerces - who imposes a fine on something, or who punishes someone for something.
It means that if you don't pay your premiums, then rather than the policy lapsing, it will be term insurance for a period of time, with no cash value.
It means that if you don't pay your premiums, then rather than the policy lapsing, it will be term insurance for a period of time, with no cash value.
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