Question
An insured owns a 50000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policys cash value which is 20000 what would the face amount be of the new term policy?
Step-by-step explanation:
An insured owns a 50000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policys cash value which is 20000 what would the face amount be of the new term policy?
Answer: 50,000 it would remain the same as when it was purchased