If your policy has cash value built up, you could use it to cover premium payments. If you have a permanent life insurance policy, such as a whole life insurance policy, you might be able to go longer without making payments. That means your policy will no longer be in force.

If you don’t make a payment on a term life insurance policy during the grace period, your policy will lapse. How Long Can You Go Without Paying?Īlthough the length of grace periods are pretty standard, the amount of time you can actually go without paying premiums-and not lose your coverage forever-depends on the type of life insurance. If you can’t afford to pay insurance premiums now, discuss your payment options with your insurer. This will be the fastest way to fix the problem. If you’ve missed a payment, Ardleigh recommends calling your insurer to pay what you owe by phone or logging onto your account to make a payment online. However, the insurance company would likely subtract the premium payment owed from the death benefit, Ardleigh says. If you were to die during that period, your beneficiaries still would get a payout. Life insurance companies typically offer policyholders a 30- or 31-day grace period to pay premiums from the date they are due, says Erin Ardleigh, founder and president of Dynama Insurance, an independent insurance brokerage firm.Ī policy is still in force during the grace period.

What Happens If You Miss a Life Insurance Paymentįortunately, missing one life insurance payment won’t result in losing your policy.

Cash in sun life insurance policy