Frequently Asked Questions
How Long Do Payments Last?One key difference between whole life insurance and other insurance plans is the length of time you are given to make payments. At some point, your policy will be paid in full — this could be in 20 years, or it might be paid off once you turn 65. If you're interested in a policy that can be paid off quickly, your monthly payments have the potential to be larger. It's ultimately a matter of preference — and your stage in life. Just keep in mind that tax limits and contractual provisions can limit the amount of premium that can be paid.
What Happens if You Stop Paying Premiums?If you stop paying your premiums, we will likely first see if you have cash value in the policy. We may use this balance to keep covering your premiums until the funds run out. At this point, we may give you a grace period to make up the missed payments and keep your coverage. After that, your coverage will end. Most term products, however, offer optional riders and options that could allow you to renew or covert your policy.
We may offer a reinstatement period, where you can reapply to restart your old policy. In exchange, you'll need to catch up on the missed payments and might need to pass medical underwriting again.