Which of the following statements regarding the paid-up additions life insurance policy dividend option is NOT correct? The amount of paid-up coverage acquired is based on the insured's attained age at the time the dividend is declared. The paid-up additions dividend option is only available to insureds that remain insurable. Paid-up additions consist of permanent life insurance of the same type as the base policy A paid-up addition increases the policy's total cash value as well as its death benefhit