Life Insurance Premium Payments?

What is a life insurance premium?

A life insurance premium is the amount t of money you pay the insurance premium to provide you with life insurance coverage.

What happens if I don't pay my premiums for life insurance?

Typically, you will have a 30 or 31 day grace period to pay your life insurance premiums.

If you pay within this time period, your life insurance policy will continue "In force". If you don't pay your premium within the grace period, your insurance policy may lapse, depending on the type of life insurance policy you purchased. With a permanent life insurance policy; however, your life insurer may use your cash value, if available, to cover premium payments owed the insurer.

If you are unable to pay because you have become disabled, and you elected a "waiver of premium" provision or rider on your life insurance policy, you do not have to pay premiums for the duration of your disability.

Learn about a lapsed life insurance policy and what to do.