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What if I don't pay my life insurance premium

If you are unable to pay your life insurance premiums you have a couple of options.  A lot of your options depend on which type of insurance policy you have.  If you have a term life policy your options may be limited to asking the company for an extended grace period.

However if you have a whole life policy you may have enough cash in the policy to cover the premium amount for several years using what many companies call an “automatic premium loan”.

When this happens the premium is deducted from the cash value and you will pay make up premiums later in the policy and or pay back a policy loan.  If you wish to never pay premiums again you can call the company and do what is called surreneder the policy for paid up. 

If you wish to do this you should consult a (live) agent as you should determine if the cash value in the policy will fund replacement insurance that would have approximatley the same coverage as the current coverage, but without the premiums.

If this is your situation call us at 970-925-9600 and we can help you out.

If you need to apply for term go to http:termratequote.com

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