Extended Term Insurance
Updated: 02 November 2024
What Does Extended Term Insurance Mean?
Extended term insurance is a type of life insurance that allows a policyholder to maintain coverage without the need to pay premiums.
Insuranceopedia Explains Extended Term Insurance
Extended term insurance enables policyholders to stop paying premiums once the cash value of the policy reaches a self-sustaining level. If the investment component of the insurance policy is adequate to cover the payments, the policyholder can convert their whole life insurance policy into a term life policy, with the premium funded through the cash accumulation of the whole life policy.
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