Life · Chapter 9 · Purpose & Phases
Accumulation Period (Pay-In Phase)
Definition
The phase when premiums are paid in and grow with tax-deferred interest. The contract owner holds all rights. It ends when the owner dies, the payout phase begins, or the contract is surrendered — NOT when a premium is skipped. If the owner dies during this phase, the named beneficiary receives the contributions plus interest (not a traditional death benefit).
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
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