The common life insurance nonforfeiture options include the cash surrender value, reduced paid-up insurance, and extended term insurance. These options provide policyholders with alternatives in case they decide to surrender or stop paying premiums on their life insurance policies. However, it's important to note that these options may vary depending on the specific terms and conditions outlined in the insurance policy.

One option that is not typically considered a common life insurance nonforfeiture option is the "Additional Paid-Up Insurance." This option is less common than the others mentioned and may not be offered by all insurance providers. With the Additional Paid-Up Insurance option, the policyholder can use the cash value of the original policy to purchase a new paid-up policy with a death benefit that is higher than the reduced paid-up insurance option but lower than the original face amount.

It's crucial for policyholders to thoroughly review their life insurance policy documents and consult with their insurance provider to understand the specific nonforfeiture options available to them and the implications of each option on the policy's cash value and death benefit.

Discovering whether a deceased person had life insurance requires a thorough and systematic approach. Begin by reviewing the person's personal records, including financial documents, bank statements, and files at home. Look for any indications of insurance policies, premium payments, or correspondence from insurance companies. It's crucial to check mail and emails for any communication related to life insurance, including policy statements or premium notices. If the deceased had a financial advisor, contact them for assistance, as they may have information about insurance policies. Check bank statements for recurring payments to insurance companies.

Additionally, inquire with the deceased person's employer, as some individuals may have had group life insurance through their workplace. Consulting with insurance professionals, such as agents or brokers, and searching unclaimed property databases and state insurance departments can also provide valuable information. Lastly, communicate with family members, friends, or associates who might be aware of the deceased person's financial arrangements. Persistence and a comprehensive approach are key when navigating the process of determining whether a deceased person had life insurance.