1 / 1

What Happens If You Miss a Payment on Your Term Life Insurance Policy

If you miss the payment of the term life insurance policy, then there can be a problem of policy lapse, and you will not get any financial coverage. Therefore, always pay the premium on time so that your family's financial security is maintained.

My392
Download Presentation

What Happens If You Miss a Payment on Your Term Life Insurance Policy

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What Happens If You Miss a Payment on Your Term Life Insurance Policy? Your family receives financial assistance through term life insurance in case of your death to eliminate their financial difficulty. But what will happen if you miss its payment? Will the policy lapse immediately? Let's understand. What is the Grace Period? ●The grace period means that you get 10–30 days extra time to make the payment. ●If you pay the money within this time, there is no problem, and the policy continues. ●You do not have to pay any late fee. How To Restart The Policy? ●You will have to pay the missed premium and late fees. ●The insurance company may ask for a new medical checkup. ●If it is too late, you will have to buy a new policy. How To Avoid Forgetting The Payment? ● Set a mobile reminder so that you remember the payment time. ● Set auto-debit, which will automatically deduct the money from the bank. ● Choose a plan that is within your budget. Conclusion If you miss the payment of the term life insurance policy, then there can be a problem of policy lapse, and you will not get any financial coverage. Therefore, always pay the premium on time so that your family's financial security is maintained.

More Related