Some people have lifetime polices, which essentially never “expire”-as long as the insured keeps the policy active by paying the premiums. The majority of people though, have limited-time policies. In order to maximize these limited-time policies, it is crucial to understand how to utilize and maximize their features in order to fully benefit the policyholder.
One of the most crucial yet overlooked policy features is called restoration of benefits. Perhaps the most important characteristic of this “restoration of benefits” feature is its ability to essentially transform a limited time policy into a perpetual policy, when used properly.