Lens1000
VIP Contributor
Inappropriate Thread Topic
This is what happens if you couldn't meet up with insurance premium
I was wondering what will become of the benefits of the insured if he/she couldn't continue with the insurance premium. This could happen as a result of unforeseen events or financial challenges. The truth is that , when premium stops, the insurance policy lapses.
The available option is to cashout your savings and it could attract a penalty. The penalty could be certain percentage deductible.
You could also reduce the premium amount to what you can afford if you can't meet up with the initial premium agreed upon. The insurance will absorb this but benefits or claim will be reduced.
On a last note, there is no cause for alarm if you couldn't meet up with the insurance premium you bought due to financial instability. You can also talk with the broker to find a lasting solution.
I was wondering what will become of the benefits of the insured if he/she couldn't continue with the insurance premium. This could happen as a result of unforeseen events or financial challenges. The truth is that , when premium stops, the insurance policy lapses.
The available option is to cashout your savings and it could attract a penalty. The penalty could be certain percentage deductible.
You could also reduce the premium amount to what you can afford if you can't meet up with the initial premium agreed upon. The insurance will absorb this but benefits or claim will be reduced.
On a last note, there is no cause for alarm if you couldn't meet up with the insurance premium you bought due to financial instability. You can also talk with the broker to find a lasting solution.
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