What Happens If You Skip Paying Your Life Insurance Premiums?
Today, on the Prosperity Podcast, Kim D.H. Butler and Todd Strobel explain what occurs when whole life insurance policyholders miss one or more premium payments. They discuss the flexibility built into whole life insurance policies, and what many policyholders forget – that if they have an interruption in income, their policy may be able to HELP them pay essential bills! Kim breaks down the order to use your money when you’re able to make payments again: base premiums, repaying the policy loan, or paid-up additions? Todd looks at the benefits in the self-employment realm.
It’s important to have your money accessible when it’s needed – do you have that safety net? Find out on today’s episode how life insurance provisions can help.
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[1:22] Automatic Premium Loans
[4:22] Where to Focus Your Money
[5:27] You Always Qualify for Your Cash Value
[6:31] Start on the Base Premium Payments
[7:35] Reduce the Loan Down
[8:24] Paid-Up Additional Contribution
[9:40] Self-Employed Life Insurance
[11:10] Life Insurance Flexibility
[13:14] Financial Planning Has Failed
Tweetables:You always want to make your yearly minimum paid-up addition rider contribution. Click To Tweet Cash value of life insurance is your emergency AND opportunity fund; it gives you the ability to handle emergencies & create opportunities. Click To Tweet If the life insurance policy says that they have $10K with your name on it, they have it and it’s not loaned out to different people to use. Click To Tweet
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