Term life insurance provides valuable coverage at an affordable price and can help cover specific financial responsibilities like a mortgage. This simple solution to your family’s peace of mind also comes with some valuable information to be aware of.
What is the grace period for paying a bill?
Your policy typically has a 31 day grace period. This means that if a premium is not paid on or before the due date, it may be paid during the 31 days following the due date. During the grace period, the insurance will stay inforce (active) but if a claim is made the premium owed may be deducted from the benefit amount payable to your beneficiary.
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What happens to my premium at the end of my term policy?
The premiums you pay are set at the beginning of your coverage and are guaranteed to remain the same for the term length you selected regardless of any changes to your health or financial status. If you outlive your term policy, you do not get your premiums refunded, unless you have purchased a