General insurance If you fail to pay insurance premium due to challenges, this is what happens.

[Lens1000]

In life, some certain things we never planned for happens and it could not be prevented at times. life is not bed of Roses and there are two sides to life. It's either success or failure, good or bad etc.

This is the more reason we need to buy insurance policy. The insurance company takes over the management of the risk on our behalf.

If some circumstances occur and we are unable to continue the premium payment., the insurance coverage lapses and the only available option is to cash out the accumulated money, but it may attract percentage charges as a penalty.

This tell us that we should not worry about the insurance policy if we could not meet up with the premium payment. The insurance company got you covered.
Which other ways do you think one claim is money if he is unable to pay premium.

 

[btaliat]

Though each insurance company has its own peculiarity. They have different ways of dealing with their clients. Some insurance companies won't tolerate non payment of premium for specific number of months. While others do allow their client to own them till he can pay all the backlogs. But there must be cogent reasons for owning.

 

[Lens1000]

Though each insurance company has its own peculiarity. They have different ways of dealing with their clients. Some insurance companies won't tolerate non payment of premium for specific number of months. While others do allow their client to own them till he can pay all the backlogs. But there must be cogent reasons for owning.

Normally, the terms of agreement must state all of these . That is the reason why we need to needed an advice or a lead from an experienced broker or someone who have claimed benefits from the insurance company. In my case, when I needed money for business expansion, I terminated my policy and I was charged certain amount .

 

[btaliat]

Normally, the terms of agreement must state all of these . That is the reason why we need to needed an advice or a lead from an experienced broker or someone who have claimed benefits from the insurance company. In my case, when I needed money for business expansion, I terminated my policy and I was charged certain amount .

From your actions, you are the one that terminated the agreement between you. So you are the one that will pay for breaching the agreement between you and the insurance company. Most time, it is always better to put in some clauses, while registering with insurance companies, the grounds by which we may end the agreement between the two parties.

 

[btaliat]

Normally, the terms of agreement must state all of these . That is the reason why we need to needed an advice or a lead from an experienced broker or someone who have claimed benefits from the insurance company. In my case, when I needed money for business expansion, I terminated my policy and I was charged certain amount .

From your actions, you are the one that terminated the agreement between you. So you are the one that will pay for breaching the agreement between you and the insurance company. Most time, it is always better to put in some clauses, while registering with insurance companies, the grounds by which we may end the agreement between the two parties.

 

[dagm]

However each insurance provider has actually its own very personal peculiarity. They have actually various methods of handling their customers. Some insurance provider will not endure non resettlement of costs for particular variety of months. While others perform enable their customer to very personal all of them till he can easily pay out all of the backlogs. However certainly there certainly should be actually cogent factors for having.

 

[btaliat]

However each insurance provider has actually its own very personal peculiarity. They have actually various methods of handling their customers. Some insurance provider will not endure non resettlement of costs for particular variety of months. While others perform enable their customer to very personal all of them till he can easily pay out all of the backlogs. However certainly there certainly should be actually cogent factors for having.

I just checked your profile and discovered that you are a new member. I wish you the best of this website. However, just remember that you can't cheat this website. I can see that you copied some of my thought and modified it with other users own. I just want to tell you that all that are not allowed here. Peace be unto you, bro.

 

[Mandy96]

In the real sense, I really do not believe that insurance companies really do care about the challenges the client is facing, once you stopped paying, you should know you are creating a problem for yourself with the insurer. Obviously it is a business organization and they don’t really want to know how you get to pay the required premium

 

[btaliat]

In the real sense, I really do not believe that insurance companies really do care about the challenges the client is facing, once you stopped paying, you should know you are creating a problem for yourself with the insurer. Obviously it is a business organization and they don’t really want to know how you get to pay the required premium

They do care. We are all human and that's why all finicial institutions will always reach out to you when they notice that you are not consistent with the way you pay your due. When they reach out, one can now tell them whether he's capable of continuing or maybe one wants to stop paying.

 

[Mataracy]

Its even better that way so that one will not loss what one has already contributed. Though as you have said at time unexpected may occur which really call for help from the insure person and its the right of the insurance company to provide that help to there customers. Its a good relive to the policy taker.

 

[Jamoflondon]

I think due to the fact that it was bounded by a contract, some penalty may be attached if there should be any change in it, the part about the percentage cut is understandable but what is not clear is, will there be some profits to cashout by the time of receiving the rest of the amount

 

[Wisdom01]

I think every insurance company have their own policies , some actually doesn't attract a penalty fee when you refuse to pay the premium , the contract might just be terminated any you get back , but you must make sure you are able to complete your package and have a reason for not completing your premium

 

[Lens1000]

From your actions, you are the one that terminated the agreement between you. So you are the one that will pay for breaching the agreement between you and the insurance company. Most time, it is always better to put in some clauses, while registering with insurance companies, the grounds by which we may end the agreement between the two parties.

You are absolutely right. I bridge the agreement. So, I have to pay certain amount as loses or deductible. The advantage is that I was able to use for the purpose it was meant for. I expanded my business and I never thought of the amount removed. It's better than obtaining loans with a very high interest.

 

[Lens1000]

I think every insurance company have their own policies , some actually doesn't attract a penalty fee when you refuse to pay the premium , the contract might just be terminated any you get back , but you must make sure you are able to complete your package and have a reason for not completing your premium

In my case, the policy isn't matured yet and I had to terminate it to fulfil pressing needs. It was a tough decision but site a thing I have to do. It's better than obtaining loans with humongous interest.. The bottom line is that I was able to fulfil the purpose to which the money is meant for. That's the beauty in life insurance policy.

 

[Wisdom01]

In my case, the policy isn't matured yet and I had to terminate it to fulfil pressing needs. It was a tough decision but site a thing I have to do. It's better than obtaining loans with humongous interest.. The bottom line is that I was able to fulfil the purpose to which the money is meant for. That's the beauty in life insurance policy.h

Like how many years have the policy been existing , because am sure that many I have seen actually attract some high deduction of your premiums when doing compensation , and that's why some people don't like terminating their insurance policy just like that, they would first look for a better way forward other than that