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What is extended term insurance on a lapsed Whole Life Policy?

April 26, 2017extended Insurance lapsed life policy term

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What is extended term insurance on a lapsed Whole Life Policy?

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A whole life or permanent insurance builds cash or surrender value. When it lapses one can get the cash out, have extended term insurance or a smaller policy that won’t ever lapse. So, it’s term insurance that lasts for a certain period of time.