answersLogoWhite

0


Best Answer

A "premium holiday" is a provision contained in some whole life insurance policies that permits the cessation of premium payments, usually in the event of economic hardship. Premiums are paid from the accumulated cash value within the policy during this period. When the cash value has been exhausted, the policy is subject to lapse for nonpayment of premium.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is premium holiday in life insurance?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is a single premium life insurance?

single premium life insurance: Single premium life insurance is a form of life insurance that's paid with one upfront lump-sum premium. Once you've purchased a single premium policy, you would receive a permanent death benefit that extends until you die.


How does universal life insurance differ from other forms of life insurance?

Universal life insurance means you will pay the same premium until death, where as with term life insurance you will pay a certain premium for a period of time and then may or not be offered the same premium again for another term.


Can you purchase life insurance in a lump sum single payment?

Yes, you can. It's called Single Premium Life Insurance. With single premium life insurance coverage one premium payment is made and the life insurance policy is fully paid up with no further premiums required.


What is flexible premium multifunded life insurance?

explain flexible premium multifunded life ins.


Is a flexible premium multifunded life insurance an annuity?

Its a Universal life insurance Policy.


What are some insurance companies that offer single premium whole life insurance?

Some Insurance companies that offer single premium whole life insurance are K&K Insurance, MetLife and Jackson National Life. Others are Mutual of Omaha or AXA Insurance.


How can one obtain premium whole life insurance?

One can obtain premium whole life insurance through their current insurance company. Several companies such as TD Insurance and BMO Insurance, offer great rates.


What is the average return of premium life insurance?

Return-of-premium life insurance is like an ordinary life insurance policy, but payments made on premiums are returned to the insured individual if the policy ends and they are still alive. Thus, return-of-premium life insurance policies do not punish one for outliving their life insurance. The average such policy might cost 25% to 50% more in premiums, compared to an ordinary life insurance policy.


When it comes to life insurance premium refers to?

a total cost of insurance coverage


Can a corporation deduct the life insurance premium for its president?

No


What branch of insurance was unearned premium started?

Life


What is indeterminate premium life insurance?

Indeterminate premium life insurance is a type of whole life insurance that specifies two premium rates: a guaranteed maximum, and a lower rate you actually pay. The lower premium level is for a set period of time. Then the company establishes a new rate that may be higher or lower than the initial premium. But your premium can never be more than the guaranteed maximum.