What happens if I am unable to pay the Life Insurance premiums for the policy?
If your policy is one that accumulates a cash value (Whole Life, Endowment, Universal Life Plans) then premiums or charges will be deducted from this value to keep the policy active. Once this fund is exhausted the policy lapses. If your policy does not accumulate cash value e.g. Term Policies the policy will lapse after the grace period.
Related Questions
- If we have elected to Pay the Life Insurance Premiums using the 10 Years Guaranteed Paid Up Option and, the insured, dies do the Premiums Continue to the end of the 10 Year Period?
- What happens if I am unable to pay the Life Insurance premiums for the policy?
- What Happens to a Life Insurance Policy Without a Life Insurance Trust?
