Is it possible to avoid paying one or more premium payments in whole life and still maintain policy benefits?
You should know that premiums are due and payable every year that your whole life policy document indicates. However, if you accumulate enough cash value in your policy to maintain the policy and pay the premium, you can skip “out-of pocket” premium payments. At your request, dividends and policy values can be used to cover the premium amount due and you do not have to write a check. Your financial professional can help you determine if your policy values are sufficient to avoid “out of pocket” premiums and discuss the impact this strategy has on your overall financial plan.
