Life insurance companies earn 10% premiums on the policies they sell you. Given their immense sophistication, and the fact that they make the most profit when they don’t have to provide a death benefit to someone, it is strongly in your interest to protect yourself from doing something defective that thwarts your intentions.
Set Up A Separate Bank Account To Automate Your Life Insurance Premium Payments. Guess what, if you miss a payment, your policy will lapse and then terminate. Some state law requires that a notice of lapse be mailed to you before your policy terminates.
But here’s the problem. The moment when you’re least likely to make premium payments also has a tendency to correlate to the time when you’re more senior in age and the Grim Reaper approaches. You do not want to dutifully contribute for years and years and then suffer an extended illness that causes … Read the rest of this article!