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When Your Term or Whole Life Insurance Policy Lapses

by beamalife on Feb 3, 2010

Learn what are your options when your term life insurance or whole life insurance policy lapses and how to reinstate it.There’s no question that life insurance is a critical part of your personal and family financial planning.  But in today’s busy world, with as many things as you’ve got going on, it’s possible that you could forget about making your monthly premium payment.  When you pay your premiums regularly, your policy remains “in force,” but when you miss a payment, your life insurance company is required to give you a 31-day “grace period” in which to catch up.  At the end of the grace period, if you haven’t submitted your back premiums to the life insurance company, your policy will lapse.   When you have a term life insurance policy that lapses, the coverage ends immediately and back to the last month for which you actually paid the premiums.  With a whole life insurance policy, if there’s money in your cash value...Read More >>



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What is Whole Life Insurance and How to Find the Best Whole Life Quote?

by beamalife

All life insurance policies pay a death benefit, but certain policies, known as “cash value” or whole life insurance policies, so more than that. &nbsp;These policies accumulate a cash value over time, which you can withdraw or borrow from after a certain period of time. Compared to term life insurance policies – pure insurance policies that offer a death benefit but no cash value – cash value policies are higher in terms of premium. &nbsp;The premium difference is invested in a way that earns interest for you, tax free. &nbsp; And while term policies provide death...

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