If I can’t pay my premium, what should I do?
Before signing a certain contract, the company already discusses the possible consequences if you can’t pay your life insurance premium. It depends on the type of policy you have.If unexpected expenses come up and you can’t pay your life insurance premium, you should know the possible consequences. The effect depends on the type of policy and coverage you have and the policy terms and conditions. If you choose “term” from the time you stop paying your coverage lapses. While when you choose “permanent” you have 3 choices. The first one is the cash out policy where in you can stop paying the premium and collect all the available cash savings but no longer covered by life insurance. The other one is non-forfeiture which means you can completely stop paying premiums in return for a reduced death benefit and no cash saving. Last is policy will lapse. If this happened, see if policy can be reinstated.