Whole Life Premiums
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When you pay the premium, part of it goes to pay for insurance coverage, and the remainder goes into a cash account. Go to chapter 2, should you buy term or whole life insurance, for more on this. You could use whole life insurance to compliment your group or term policies because you could become unattainable as you age or have to pay a lot more in premiums. Many people have a need for insurance beyond age 70 or 80 for estate and inheritance taxes.

If you have policy that is a participating policy, it may pay you a periodic dividend, which is considered a return of excess premium. Premiums on participating policies are generally higher than non participating (no dividend) policies.

With Your Dividends You Can:

• Apply to your policy premiums
• Have your dividends sent to you in cash
• Purchase a policy rider
• Use the dividends to guarantee the original policy, if large enough.

Whole life can be used if your estate exceeds the inheritance tax exemption amount or is comprised mostly of real estate or other illiquid assets.

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