What is one of the non-forfeiture options available with Whole Life Insurance?

One of the non-forfeiture options available with Whole Life Insurance is the Cash Surrender Value. This option allows the policyholder to receive a lump-sum payment from the insurer if they decide to cancel the policy before its maturity or before the insured event occurs. The cash surrender value is the amount the policyholder receives based on the accumulated savings component of the whole life insurance policy, which includes the premiums paid and any interest earned over time. This option provides a financial benefit to policyholders who may no longer want or need the policy, offering them liquidity while still recognizing the investments made into the insurance plan.

The Cash Surrender Value can be particularly appealing if the policyholder faces changes in financial needs, allowing them to access funds without losing the entirety of their investment in the policy. Other options like Term Conversion, Temporary Coverage, and Deferred Annuity do not fall under the category of non-forfeiture options, as they refer to different mechanisms within life and retirement planning.