LIFE INSURANCE - PAYING FOR YOUR POLICY
HOW DO I PAY FOR LIFE INSURANCE?
You pay for your life insurance by paying your agreed-upon monthly premium.
HOW MANY LIFE INSURANCE POLICIES CAN I BUY?
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.
WHAT HAPPENS IF I CAN'T PAY MY LIFE INSURANCE PREMIUMS?
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.
CAN I CASH OUT MY TERM LIFE INSURANCE?
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.
DO I GET MY MONEY BACK IF I CANCEL MY TERM LIFE INSURANCE POLICY?
Once you cancel your life insurance policy, you will not get back any of your paid premiums.
WHAT IS THE CHEAPEST TYPE OF LIFE INSURANCE?
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.
WHERE CAN I LEARN MORE ABOUT LIFE INSURANCE?
See Plan Brochure (pdf)
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