Just as you do for other types of insurance policies, you have to keep
paying your premiums to access coverage on your life insurance policy.
However, sometimes life happens. People stumble on difficult life
circumstances such as the loss of a job or sudden ill-health that could
render them incapable of meeting up with paying their premiums.
When this happens, your first option is to read the content of the policy agreement you signed carefully. This knowledge will give you a good understanding of what your choices are to enable youto make an informed decision.
However, there are other effective ways to go about it. As Michael Brohawn of Your Life Insurance Solution says, “You can stop paying premiums and still make the most from it.”
What Can You Do When You Can No Longer Pay?
Have you found yourself in a situation where you’re unable to continue paying your premiums as agreed, here are some things you can do?
Just Don’t Pay Again
This approach is probably the most direct option that quickly appeals to many policyholders. When you simply stop paying your premiums, your policy lapses, and you won’t have to pay anything again. However, most people are usually unaware that this option makes you lose money, which you could potentially make from your policy. If it’s possible to stop paying premiums and still make money from it, who wouldn’t opt for that instead?
Formal Cancellation
You’d have to formally notify your insurance company of your decision to discontinue the policy. The good news is that, depending on your insurance company and your agreement, you can recover unused premiums. To do this, you have to inform them before the specific date you want the policy canceled and request a refund of your unused premiums. Most insurance companies would grant this request. You won’t be able to regain all your money, but you won’t lose everything either.
Cash Out the Policy
This method is the most profitable option of the three. Cashing out life insurance policy means you give out your access rights in exchange for money. Life insurance policies often have their equivalent cash values for which a policyholder can sell their policy. However, to sell life insurance policy for cash can be a very complicated process, and most policyholders end up losing money without proper guidance.
To make the most out of selling life insurance policy for cash, you can consult with advocates who will be your intermediary and assist you with negotiating with buyers for the best price possible.
Your Life Insurance Solutions is one company that has made it their business to help you get the most out of your life insurance policy.
Conclusion
If you ever find yourself unable to meet up with your premium payments or you’ve decided to stop for other reasons, it doesn’t all have to end in a complete loss. You can stop making your premium payments and cash out your policy at the best price possible.
When this happens, your first option is to read the content of the policy agreement you signed carefully. This knowledge will give you a good understanding of what your choices are to enable youto make an informed decision.
However, there are other effective ways to go about it. As Michael Brohawn of Your Life Insurance Solution says, “You can stop paying premiums and still make the most from it.”
What Can You Do When You Can No Longer Pay?
Have you found yourself in a situation where you’re unable to continue paying your premiums as agreed, here are some things you can do?
Just Don’t Pay Again
This approach is probably the most direct option that quickly appeals to many policyholders. When you simply stop paying your premiums, your policy lapses, and you won’t have to pay anything again. However, most people are usually unaware that this option makes you lose money, which you could potentially make from your policy. If it’s possible to stop paying premiums and still make money from it, who wouldn’t opt for that instead?
Formal Cancellation
You’d have to formally notify your insurance company of your decision to discontinue the policy. The good news is that, depending on your insurance company and your agreement, you can recover unused premiums. To do this, you have to inform them before the specific date you want the policy canceled and request a refund of your unused premiums. Most insurance companies would grant this request. You won’t be able to regain all your money, but you won’t lose everything either.
Cash Out the Policy
This method is the most profitable option of the three. Cashing out life insurance policy means you give out your access rights in exchange for money. Life insurance policies often have their equivalent cash values for which a policyholder can sell their policy. However, to sell life insurance policy for cash can be a very complicated process, and most policyholders end up losing money without proper guidance.
To make the most out of selling life insurance policy for cash, you can consult with advocates who will be your intermediary and assist you with negotiating with buyers for the best price possible.
Your Life Insurance Solutions is one company that has made it their business to help you get the most out of your life insurance policy.
Conclusion
If you ever find yourself unable to meet up with your premium payments or you’ve decided to stop for other reasons, it doesn’t all have to end in a complete loss. You can stop making your premium payments and cash out your policy at the best price possible.
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