Comment posted What Happens To The Dividend Option Term Rider On A Whole Life Insurance Policy? by .

The purpose of a dividend option is to purchase paid up additions or term insurance for a specified amount of time (5 years, 7 years, ect.). It sounds that you are doing the latter and are using your dividends to repurchase term insurance at your attained age. This would cause an increase in the premium cost. You might consider paid up additions. The amount of insurance would be less, but you would avoid the higher cost you mentioned.

also commented

• This is a good question for your agent or customer service because dividends are not guaranteed and may have a significant impact on your policy if they change. If the term portion of your policy is dependent on dividends, then it is not guaranteed at your current premium. As you mentioned, you may have to pay more premium to keep the same amount or reduce your coverage if the insurance company’s dividend changes.
  Also, I wouldn’t use the phrase “lowest cost” because there may be a less expensive way for you to achieve the same goal. I always recommend someone who is looking for life insurance consider the opinion of more than just one source.
  Good luck

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