Sentences with phrase «whole upon surrender»
Not exact matches
The two main reasons you might not want to change policies are surrender charges (only in permanent plans such as whole life or universal life), and your new policy will likely contain a new two year contestable period, which means the company could potentially weasel out of paying the life insurance proceeds upon your death if you die within 2 years of purchasing the policy and they find that you answered questions fraudulently on your application.
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Most whole life insurance policies specify a «surrender value», which varies depending upon how long the policy has been in force and premiums paid.