What are my options in case I can no longer afford to pay my premiums after 3 years?
If you decide to pre-terminate your Sure Cash Plan after the 2nd year, you will get the Cash Surrender value, which is equivalent to the cash values of the policy plus any dividends left with the company to earn interest, and less any indebtedness. If you decide to terminate after three years of payment, you have three options: Cash Surrender, Extended Term Insurance and Automatic Payment of Premium Option. Cash Surrender – Upon surrender of your Policy, you shall be paid its Net Surrender Value, which is equivalent to the cash value of the basic insurance plus any policy dividend left with the company to earn interest, and less any indebtedness. Extended Term Insurance – The cash value of your basic insurance plus any policy dividend left with the company to earn interest, less any indebtedness, shall be used as net single premium to buy a non-participating Extended Term Insurance (ETI), based on the age of the insured at the time of premium default. The ETI, which shall take effect o
