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Life Insurance Learning Center - Policy Features

Life Insurance Company Terms: Premiums.

The premium is the amount paid by the premium payer (who can be the insured or the policy owner) to the life insurance company.

Just like the death benefit, the premium can either decrease, increase, or stay the same during the duration of the life insurance policy. Again, there is an infinite number of premiums that you can find to match with a life insurance policy.

Premiums can range from paying once a year (annually), biannually, quarterly, or monthly (once a month). When the premiums are paid other than annually, the life insurance company will usually charge something called a carrying charge.

Premiums are how a life insurance company makes money, and ultimately, how a life insurance company is able to pay our claims. A life insurance company cannot survive without premiums.

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