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A contract owner's single sum or periodic annuity premiums are invested by the insurance company and grow in value, based on the type of annuity selected.

Insurers issuing life insurance policies on the reserve basis may collect premiums in advance. Insurers may also accept payment of future premiums; however, insurers may not accept amounts exceeding:

  1. Future unpaid premiums on any policy; or

  2. Ten unpaid annual premiums, if these total less than the policy's future unpaid premiums.

This section does not limit the right of insurers to accept funds under an agreement that provides for accumulating funds to buy annuities in the future.


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