Is there any obligation to make further premium payments if the policy extends beyond the projected life expectancy?
For every policy that is acquired through GLOBALVEST LIFE for the products GLOBALSELECT and GLOBALASSET, the premiums for the length of the projected life expectancy plus an additional year, and for the bonding period for the product GLOBALSAFE respectively, are escrowed into the Premium Account of Rödl & Partner, and the premiums are wired to the insurance companies according to the policy premium schedule. In case of late maturities, premium payments will be made from the Premium Reserve Account, which is fed in part by unused premiums from policies that mature early and the interest earnings of all escrow accounts. This security mechanism, along with very conservative life expectancy projections, renders the need for additional premium payments very unlikely.
Related Questions
- I want to set up a life insurance policy, name Williams College as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
- I want to set up a life insurance policy, name PHLF as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
- Is it possible to avoid paying one or more premium payments in whole life and still maintain policy benefits?
