Reduced paid-up insurance

{
  "id": "MLC-T-INS-002826",
  "term": "Reduced paid-up insurance",
  "field": "Insurance and risk management",
  "definition": "A nonforfeiture option available in whole life insurance policies that allows the policyholder to use the policy's cash value to purchase a fully paid-up policy for a reduced face amount. The coverage continues for the remainder of the insured's life without any further premium payments. The new face amount is typically less than the original policy's face amount.",
  "url": "https://mlchart.com/terminology/insurance/reduced-paid-up-insurance/"
}