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What if I default on my whole life insurance policy?

Minimize Your Losses on a Defaulted Life Insurance Policy

Unlike some term life insurance policies which will terminate your contract if you default on payments and keep your money, with a whole life insurance policy you may be able to get back a portion of the premiums that you have paid if you default on the payments and lose the policy.
Although the amount you can receive may be minimal to what you have paid over the years, this will help you minimize your losses on a defaulted whole life insurance policy and help you get back on your feet during this time of financial hardship.

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