I cant afford to pay my life insurance premiums what will happen ?
Thursday, October 9th, 2008With the majority of life insurance plans you are not tied into any particular contract. If your premiums stop then your policy will stop and you will no longer be covered for any of the benefits you have chosen.
No premiums will be paid back and if you want to restart the policy after it is stopped this may not be possible.
if you do want to restart the policy then there maybe a charge to do this, or ask for proof that you are still in good health. They may also ask for proof that your occupation and leisure activities have not changed and are no more of a risk than they were previously.
