What term is used for payments made during the insured's lifetime to maintain a life insurance policy?

The term "premiums" refers specifically to the payments made by the policyholder during their lifetime to keep a life insurance policy active. Premiums are a fundamental aspect of insurance policies, as they provide the necessary funding for the insurer to offer coverage. By paying premiums, the insured secures their life insurance protection, which can be beneficial for their beneficiaries in the event of their death.

Dividends are not a form of payment but rather a return of excess premiums that some mutual insurance companies may pay to policyholders when the company performs well. Assessments typically refer to additional charges that may be levied under certain types of policies but are not a standard payment made to maintain a life insurance policy. Fees generally represent charges for specific services but do not directly correlate with the regular premium payments required to keep a life insurance policy in force.