Getting Additional Life Insurance

If a term life insurance policy is about to expire, you may be able to renew it for an additional period or convert it to a whole life policy. If not, there may be another option available.

Many companies offer a guaranteed whole life insurance policy that may appeal to people approaching the end of life, especially those due to illness.

Be on the lookout for these life insurance scams.

Keeping Your Coverage When You Can’t Pay Your Life Insurance Premium

There are many reasons you may become unable to pay your life insurance premiums, such as your premiums increasing faster than your income, a drop in your income, or unanticipated expenses. Although you can let the policy lapse or surrender it, if possible, for the money, there are ways to keep your insurance coverage if you think you still need it.

If you have a whole life or universal life insurance policy with enough cash value or dividends, you can use it to pay premiums. 

Why Death Benefits May Be Withheld

There are times when a life insurance company will refuse to pay your death benefit. This is usually when you owe too much in premiums or your death was intentional or otherwise not due to natural causes.

If you commit suicide within the first two years after getting the policy, it will be interpreted as you intentionally taking advantage of the company and the death benefit will be withheld.

Insurance companies withhold death benefits if you are murdered by a beneficiary.

Insurance companies will nullify your policy if: 

Other situations where a life insurance company may not pay your death benefit include: