A life insurance policy lapsing can feel overwhelming, but you have options! Here’s what to do if you’re struggling to keep up with premium payments:
1. Contact Your Insurance Provider:
Ask about grace periods or options to reduce your premiums temporarily.
2. Explore Policy Adjustments:
You may be able to lower your coverage amount to reduce costs or switch to a more affordable plan.
3. Consider a Life Settlement:
If you no longer need the policy, selling it through a life settlement can turn it into cash instead of letting it lapse.
4. Check for Assistance Programs:
Some nonprofits or government programs provide financial help for insurance premiums.
5. Act Quickly:
Once a policy lapses, it’s too late to recover its value. Take action now to explore your options.
At ManorLiving.org, we can help you evaluate your policy and decide on the best path forward. Don’t let your hard-earned investment go to waste—reach out today!
