Are premiums guaranteed?
A. Some coverages have guaranteed premiums such as a whole life insurance policy. The reason for this is that insurance companies are able to guarantee premiums for certain types of coverage where they can reasonably calculate the probability of loss based on past experience. With other types of coverage it is impossible to guarantee premiums since the coverage period involves a long period of time or the likelihood of future losses for the line of insurance coverage is difficult to predict. If you want to find out whether the premium is guaranteed for the specific policy you own please call our customer service area.
Related Questions
- If we have elected to Pay the Life Insurance Premiums using the 10 Years Guaranteed Paid Up Option and, the insured, dies do the Premiums Continue to the end of the 10 Year Period?
- After the initial period of guaranteed premiums, what will my term insurance cost?
- What is the difference between guaranteed & reviewable premiums?
