 Is beneficiary information included on renewal paperwork they send to owner of policy? |
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IN THE STATE OF PENNSYLVANIA
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yellowhummin217 | More insurance confusion - dividends? |
Dividends can be used to purchase paid-up additions. "The dividend is taken by the company and used to purchase permanent insurance of the same type. The insurance is in effect a small single premium whole life policy...To achieve its maximum value, it requires a relatively long period of time."
Okay, it sounds to me like these dividends actually purchase another POLICY, rather than adding to the existing policy. Is this correct? Will somebody translate this into a dumbed-down form for me? |
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Spock (rhp)
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the added insurance will have same policy number, not a different policy number |
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Prophet 1102
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I think what they mean is you can use dividends to increase your policy value.
Say you bought $100K worth of insurance. You can use the dividend to buy $150K worth of insurance.
Whole life insurance policies are a terrible use of your money. If you want life insurance, buy low cost term life and invest your extra money in a Mutual Fund - you'll get a much better rate of return. |
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mbrcatz
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It's the same policy. It just buys a tiny bit more of coverage. |
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Steve S
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It is added to your existing policy. You do have options with those dividend, you can request them every year to be paid to you. You could also have them used to pay down premium to lower the cost of insurance. Hope that helps. |
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aaron p
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Paid-up additions, if any, would be added to the same policy. Please read the disclaimer about dividends carefully on your illustration. They are, in effect, a return of premium to you and cannot be guaranteed in any way. They may be higher, lower, or non-existent year to year. |
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