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The definitions contained herein are for general information only and are not
designed for use in connection with the interpretation of any insurance policy
or annuity policy issued through Insurance Answer Center.
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Life Insurance Glossary Terms 4 A B C D E F G H I J K L M N O P Q R S T U V W Y |
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Graded Premium Whole Life Insurance |
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Under this type of policy, which is called whole life insurance but is akin to term life, the initial premiums are very low. The premiums then usually increase annually until such time that the premiums reach a specific level stated in the policy (usually between age 70 and 80). At that point, the policy begins to build cash value and the premiums remain level for the remainder of the insured's life. From the policyowner's perspective, a graded premium whole life insurance policy can be considered an annual renewable term policy that automatically converts to level premium whole life insurance at later ages. See also Annual Renewable Premium. |
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Learn More about Life Insurance
Start a Life Insurance Quote
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| Answer Financial(R) Inc. offers insurance products and services through its licensed affiliates Insurance Answer Center(R) Inc. (California License No. 0B99714), Answer Center Insurance Agency, Inc., and other affiliates. Answer Financial is not an insurance company. Insurance plans and services are from insurance companies and other licensed insurance-related providers. Not all products available in all states. Rates subject to change. |
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