What does No-lapse Guarantee mean? Read on to discover the definition & meaning of the term No-lapse Guarantee - to help you better understand the language used in insurance policies.
A no-lapse guarantee is an agreement as part of a life insurance policy in which the death benefit for the insured is assured. Insurance policies that boast this feature have lower premiums than other life insurance products because it has little or no cash value. The guarantee is only effective if premiums are paid regularly and on time.
We hope the you have a better understanding of the meaning of No-lapse Guarantee.