“I bought a new life insurance policy but the small print is impossible to understand. All I´m sure of is that after I die, I can stop paying.”
Do You Want to Stop Paying Your Life Insurance Premiums?
What happens if you own a whole life policy and you don’t want to keep paying the premiums, but don’t want the policy to lapse? Or when you can’t afford the premiums any longer, but still want coverage?
If payments are stopped without altering the policy or communicating with the insurance company, you could lose the policy, just like a homeowner can go into foreclosure if they stop making mortgage payments.
But there are other options to simply letting a policy lapse! These options are well-worth considering, especially because:
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