What is the Definition of Paid-Up Additional Insurance Option?

What is the Definition of Paid-Up Additional Insurance Option?

An option, available to the owners of participating life insurance policies, that allows the policy owner to use policy dividends to purchase additional insurance on the insured’s life; the paid-up additional insurance is issued on the same plan as the basic policy and in whatever face amount the dividend can provide at the insured’s attained age. (See Dividend; Participating policy; Policy dividend options)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

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What is the Definition of Paid-Up Additional Insurance Option?

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