What Happens if You Stop Paying Life Insurance Premiums?

What Are the Consequences if You Stop Paying Life Insurance Policy Premiums?

How to Avoid a Life Insurance Policy Lapse?

How to Reinsure or Reinstate an Old Life Insurance Policy?

What are the Requirements for Reinstating an Old Life Insurance Policy?

FAQs About Life Insurance Policy Premium Payment

Do I get my money back if I cancel my life insurance policy? up-arrow

Usually, there are no chances of getting your money back at any time or at the end of the term if you cancel your insurance policy. However, this is only possible if you have purchased a Return of Premium Term Life Insurance Policy.

How much will I receive upon surrendering my life insurance policy? up-arrow

Only after three years of holding the life insurance policy a guaranteed surrender value is available. Usually, the surrender value is around 30% of the premiums you have paid, excluding the first year. If the policy is held for about 4 to 7 years, this value might go up to 50%.

Can I cancel my life insurance at any time? up-arrow

By law, an insurance policy buyer has a minimum of 14 days cooling-off period. During this period, they can seamlessly cancel their policy for no reason at all. In the case of life insurance, the cooling-off period is usually 30 days.