Cash surrender is a nonforfeiture value in cash-value life insurance policies, alongside other options like Reduced paid-up, Automatic premium loan, and Extended term.
Cash surrender is a nonforfeiture value in cash-value (whole) life insurance policies. The policyholder can choose to surrender the policy and receive the accumulated cash value. On the other hand, Reduced paid-up, Automatic premium loan, and Extended term are other nonforfeiture options that policyholders can choose instead of surrendering the policy. Reduced paid-up provides a reduced death benefit without the need to pay additional premiums, automatic premium loans allow borrowing against the policy's cash value to pay premiums, and extended term converts the cash value into term insurance.
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