All of the following are characteristics of a Whole Life Policy EXCEPT?

A Whole Life Policy is a type of permanent life insurance that offers several distinctive characteristics. One of its primary features is the guarantee of premiums, meaning the policyholder will pay a fixed premium throughout the life of the policy. Additionally, Whole Life Policies provide lifetime coverage, ensuring that the insured is protected for as long as they pay their premiums.

Another important element is cash value accumulation. Whole Life Policies build cash value over time, which the policyholder can borrow against or withdraw under certain conditions. This cash value is an integral part of the policy and contributes to its long-term financial benefits.

While Whole Life Policies can declare dividends based on the insurer's performance, these dividends are not guaranteed. The insurer may choose to distribute dividends depending on the company's profitability each year, but there is no assurance that dividends will be paid consistently. Therefore, guaranteed dividends is not a characteristic of a Whole Life Policy, which makes it the exception among the other options listed.