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What are the contractual provisions of a term life insurance policy contract?

These term life insurance contractual policy loan provisions are general in nature and may differ by insurance company and/or by policy filing.



The Company will make a loan upon the sole security and assignment of this Policy. The Owner may obtain the loan while this Policy is in force other than as extended term insurance.

The loan balance at any time is equal to:

• the sum of all policy loans made; less

• the sum of all loan repayments; plus

• accrued loan interest.

The loan value of this Policy is the cash value as of the earlier of the next Premium Due Date and the end of the current policy year. The amount advanced as a policy loan may not exceed:

• the loan value; less

• the loan balance on the date the loan is to be made; less

• loan interest to the end of the current policy year; less

• any premium in default.


This term life insurance premium option may be elected in the application. It may also be elected by written notice received at the administrative office before the end of the grace period. The Owner may revoke the election by written notice to the administrative office. If elected, this option provides automatic payment by policy loan of the premium for the mode in effect. The loan will be made at the end of the grace period. After two consecutive premiums have been paid by loan, the Company may change to a less frequent mode of premium payment if there is sufficient value. If there is not sufficient value to advance the premium as a policy loan, no automatic premium loan will be made. The premium will be in default. Any remaining value will be applied under the Non-forfeiture Options. While this option is being used to make premium payments, the Owner may resume premium payments without furnishing evidence of insurability.


The Company may defer making a policy loan up to six months after written request is received at the administrative office; however, a loan for payment of premiums to the Company will not be deferred.


Loan interest is due annually at the end of each policy year and on the earliest of these dates:

• the date this Policy is surrendered;

• the date of termination of this Policy; and

• the date of the Insured's death.

Interest accrues daily from the date a loan is made and is compounded annually. Interest not paid when due is added to the loan and bears interest at the same rate. The Policy Loan interest rate is shown in the Table of Non-forfeiture Values. All or any part of a policy loan may be repaid while this Policy is in force during the Insured's lifetime. After policy lapse, loans made prior to the end of the grace period may not be repaid unless this Policy is reinstated. When the loan balance exceeds the cash value, this Policy will terminate. Notice of termination will be mailed to the Owner and to any assignee of record. Termination will be effective 31 days after the notice is mailed.

This concludes the term life insurance policy loan policy provisions section of the provisions of a term life insurance policy contract.


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get a quote  contractual policy renewal, conversion, and exchange provisions

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Lewis Fink is licensed as a term life agent offering term life quotes in the following states: Term life quotes for:
Alabama - AL,  Arkansas - AR,  California - CA Colorado - CO Connecticut - CT Delaware - DE District of Columbia - DC,  Florida - FL, Georgia - GA Idaho - ID Illinois - IL Indiana - IN Iowa - IA Kansas - KS Kentucky - KY Term quotes for: Louisiana - LA,  Maine - ME Maryland - MD Massachusetts - MA,  Michigan - MI Mississippi - MS Missouri - MO,  Montana - MT Nebraska - NE New Mexico - NM, New Jersey - NJ New York - NY,  North Carolina - NCTerm quotes for: North Dakota - ND,  Ohio - OH Oklahoma - OK Pennsylvania - PA, Rhode Island - RI South Carolina - SC,  South Dakota - SD,  Tennessee - TN Term quotes for: Texas - TX,  Utah - UT Vermont - VT Virginia - VA, and Wisconsin - WI.  

We offer term quotes for 5, 10, 15, 20, 25, and 30 year term periods. Our universal life products can be quoted to cover a term of up to age 120. Not all term product quotes from all term companies quoted are available in all states.

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