Nonforfeiture Reduced Paid-up Benefit

Definition of "Nonforfeiture reduced paid-up benefit"

Patricia Cooper real estate agent

Written by

Patricia Cooperelite badge icon

Liberty Bell Real Estate & Property Management

Right of a policyholder in life insurance with cash value to elect a smaller, fully paid-up policy, without any further premiums to pay. The amount of the paid-up policy is determined by the insured's age and the cash surrender value.

Comments for Nonforfeiture Reduced Paid-up Benefit

Merrill Peterson Merrill Peterson said:

Am trying to determine if there is taxation involved when a whole life contract is changed to reduced paid-up insurance ?

Nov 27, 2018  12:56:50

 
Real Estate Agent

Since we specialize in real estate, not insurance, we would recommend for you to get in touch with your insurance broker and discuss this issue with them for the most accurate advice. 

Jan 09, 2019  09:59:43
 
 
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