What is the benefit of choosing extended term as a nonforfeiture option?

Choosing an extended term nonforfeiture option when purchasing a life insurance policy can provide several benefits for policyholders.

1. Policy Continuation: By selecting the extended term option, policyholders can continue their coverage without having to pay additional premiums. This can be particularly beneficial for individuals who may have difficulty affording premium payments in the future.

2. Cash Value: The extended term option allows policyholders to convert the cash value of their current policy into a new term life insurance policy with a death benefit equal to the original amount of coverage. This can be a useful way to maintain life insurance protection without losing the investment made in the original policy.

3. Flexibility: Choosing the extended term option gives policyholders the flexibility to maintain coverage even if they are unable to continue paying premiums. This can provide peace of mind for individuals who want to ensure their loved ones are protected in the event of their passing.

4. Cost-effective: Rather than surrendering a policy and losing the accumulated cash value, choosing the extended term option can be a cost-effective way to maintain life insurance coverage without additional financial burden.

Overall, selecting the extended term nonforfeiture option can offer policyholders a way to retain the benefits of their life insurance policy without having to make additional premium payments. It can provide financial security and peace of mind for policyholders and their loved ones.