Life Insurance FAQs - Address Change
What dividend options are available?
If your policy is currently earning dividends, the owner may receive dividends
in one of the following options:
Receive a check
Apply the dividend towards the premium
Purchase paid-up additional insurance
Have dividend accumulate with interest
Purchase one year term insurance or
Apply the dividend towards the loan balance
When and how can I change my dividend option?
The dividend option can be changed, by the owner, any time 30 days prior to the
policy anniversary and will be effective as of the next policy anniversary. The
owner can change the dividend option by completing the Change of Dividend
section of the Policy
Change Request From.
When are dividends paid?
Dividends are applied on the policy anniversary. If the dividend option is to
receive a check, the owner should receive the check within 5 to 7 business days
from the policy anniversary date.
Can I withdraw my dividends?
If the policy has accumulated dividends or dividends are being used to purchase
additional insurance, the owner can withdraw the dividends at any time by
completing the Surrender of Dividends section of the
Policy Change Request Form. The surrendered dividends can be: sent to
the owner by check; used to pay a premium; or used to reduce the loan balance.
Please note, if the policy has a current loan balance that is close to the cash
value balance, all of the dividends are not available for surrender as it may
cause termination of the policy due to negative value.
What is option "Withdraw dividend to pay premium EACH
YEAR" located in the Surrender of Dividend section of the
Policy Change Request Form?
This option is available if the policy has accumulated dividends or paid up
additional insurance. It authorizes the Company to automatically withdraw and
pay the annual premium from the accumulated dividends or cash value of the paid
up additional insurance.