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A life insurance policy.
- ‘This lets you convert your policy into a new life policy at the end of the term without the need to provide information on your state of health at the time.’
- ‘He accepted that the employees received a payment in kind in the form of the life policy or policies with an enhanced value.’
- ‘Whole life premiums start out significantly higher than those of comparable term life policies, but over time the term policy's ever-increasing premium overtakes the whole life policy's level premium.’
- ‘Other factors affecting the market value include the type of life policy, the policy's cash value and any loans against the policy.’
- ‘But the surrender value of a whole life policy is usually lower than that of an endowment policy for a similar amount.’
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