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Permanent 'whole life' procedures span a lifetime, while term policies cover a designated period of time. It's important to be aware polices can be in force if the repayment of premiums has ended, or if money has been borrowed up against the plan. Even cancelled polices can have some residual value based after what type of non-forfeiture option is selected during the time of purchase.
In the event that an everlasting policy was in force - either because it was fully paid or because premiums were current until death - beneficiaries receive the full policy value. There is no time limit on claiming a benefit due when the insured passes away with a policy in force. If a lay claim is not made until some years after loss of life, interest may be added. If benefits remain unclaimed until such time as the insured would have reached the limiting era on the mortality desk, the main benefit is considered abandoned and turned over to the state of last known residence of the covered or his/her beneficiary.
In the event the policy lapsed - i. e. if the covered ceased making payments time before death, beneficiaries may receive either a reduced benefit or nothing at all, depending on amount of time since death. This is because underwriters often convert everlasting policies to extended term policies (using the cash value at that time payments stop), or to reduced profit paid-up everlasting policies.
Escheat Financial assets are viewed as officially abandoned under state escheat and unclaimed property constitution after owners (or heirs) fail to 'communicate an interest' in them. Inability to communicate an interest in a life insurance payout can arise when beneficiaries fail to claim insurance plan benefits after death of the insured.\
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