Question

Will the scheduled premium payments for whole life insurance change over time?

Answer

Generally, in a traditional whole life policy, the scheduled premium payments remain level. Premiums are generally the same (fixed) every year the insured is alive. The premium payment consists of both life insurance protection and savings. These two elements vary over the life of the insured, but the total scheduled premium payment remains the same for the life of the traditional whole life policy. Some traditional whole life policies however provide for a modified premium payment schedule where the required premium payments may be lower in the early years and then increase to a higher amount which will then remain level for duration of the policy. Be sure to check the data page or specifications page of your policy (usually page 3) to determine the amount of your premium payments and the period for which they are required to be paid.