If the policy owner decides to terminate the policy prior to death, the remaining cash value can be used in a variety of ways. What is this called?

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Non-forfeiture options allow the policy owner to receive the remaining cash value if they decide to terminate the policy prior to death. This can be in the form of a lump sum payment or used to purchase a reduced paid-up policy or extended term insurance. Non-forfeiture options provide some value to the policy owner who has paid premiums into the policy, but no longer wants or can afford to keep the policy.

If the Policy Owner Decides to Terminate the Policy Prior