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What if I can't pay my Life Insurance premium, what should I do?
Hey, it happens. Unexpected expenses come up, one things leads to another and before you know it, something's got to give! Let's say you can no longer afford to pay your life insurance premium. You should definitely know the possible consequences. The effect depends on the type of policy and coverage you have and the policy terms and conditions.
Term Life Insurance: Unfortunately if you stop paying your premiums, your coverage lapses and this life policy is terminated for good. The trade off is, Term Life policies are generally much, much cheaper than other types of life policies.
Permanent Life (Whole Life, Variable Life, Universal Life, etc.): These are generally much more expensive policies. If you have this type of policy, you will likely have the following choices:
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