Alexandoy
VIP Contributor
When you buy a policy that requires you to pay the monthly premium for 20 years what could happen if you had lost your job today due to the pandemic restrictions? You cannot pay the monthly premium anymore because most likely you will have other priorities in life particularly the necessities such as food and household expenses.
I am posting this topic for the benefit of those who have life insurance and couldn’t pay the monthly premium anymore. A friend who is in the insurance industry said, that the insured can request for a withdrawal of his policy. He can get back the premiums that he had paid and a little interest based on the age of the policy. I think that is a good concession so that the insured will not lose everything.
I am posting this topic for the benefit of those who have life insurance and couldn’t pay the monthly premium anymore. A friend who is in the insurance industry said, that the insured can request for a withdrawal of his policy. He can get back the premiums that he had paid and a little interest based on the age of the policy. I think that is a good concession so that the insured will not lose everything.