What Happens When a Life Insurance Policy Lapses

We all get busy and let the “little things” slip through the crack sometimes. This, however, wasn’t a little thing. In the hustle and bustle of the holidays, building a new home, a second child on the way (and now here) a “little” bill was overlooked and wasn’t paid. This wasn’t my Direct TV bill or the electricity bill.. It was my annual premium for my 30 year term life insurance policy! (gasp). A month had passed before I realized that my insurance policy had lapsed. Frantically, I called the insurance company to find out what my options were. In case you ever let your life insurance policy lapse, here’s what you need to know...

Good Financial Cents: What Happens When a Life Insurance Policy Lapses