Life Insurance

There is no policy term. As long as the required premiums are paid, the policy will pay in the event the insured dies. There is also a forced savings since a portion of the premium is put in to tax deferred savings account that builds a cash value which the policy owner can borrow funds against. Any amount borrowed and not repaid at the time of the insured’s death reduces the death benefit; also, if you decide to terminate the policy, you will get back the “cash surrender value.”