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Home >> Solutions for Individuals >> Life Insurance >> Common Questions about Paying for a Policy
Learn more about paying for a life insurance policy, the number of policies you can own and more! More information about life insurance also can be found on the Life Insurance main product page.
You pay for your life insurance by paying your agreed-upon monthly premium.
There is no legal limit to how many life insurance policies a person can own. However, your focus should be on ensuring you have the correct amount of coverage, not necessarily how many policies you have. One policy could provide you with all the coverage you need.
If you cannot pay your life insurance premiums, your policy will eventually lapse, and you will need to re-apply for coverage. Remember, each time you re-apply for coverage, you risk your premiums rising to a higher price.
If you have term life insurance, you cannot cash out your policy because it doesn’t have cash value while you are still alive. It only pays a death benefit to your beneficiary if you die and your death is covered in the policy’s term.
Once you cancel your life insurance policy, you will not get back any of your paid premiums.
Term life insurance policies have lower premiums than permanent life insurance policies for the same coverage in the initial years. They are also simple to understand and easy to start.