No Money For Fee Payment

The policy of accumulative insurance is calculated for many years. None of us canot be sure that during any period won’t appear without work or simply there will be no vital problems, after settlement of which we will not havenomey to pay for policy during current month.

Let’s consider possible options of action in such cases.

Received policy of accumulative insurance has accurately specifird payment dates of fees in it. The scheme of payment can be quarterly, monthly or annual. But, any policy has also a grace period for 60 days. In other words having appeared in a difficult situation, you can use this period. Thus the policy will work fully, and any penalties, penalty fee or sanctions won’t be applied to you.

Usually, two months are quite enough to earn the money, necessary for payment debt.

If you understand that in long prospect your earnings won’t be high you can apply to the insurer with a request to reduce the fee sum on your policy. Your policy will be reviewed.

If you understand total absence of funds for payment of fees in the long term, you can transfer the policy to “paid”. What does it mean? Your protection on life insurance remains in force in the “mixed life insurance” mode but protection on risk insurance won’t be active. It isn’t necessary to pay any more! The policy works till termination date specified in your agreement.

You can dissolve the insurance contract. Of course it is an extreme step and it is worth thinking to do it or not. Often it is done just when there is no money for payment (as it is solved by transfer to the status “paid”), but also there is an urgent need in money. Surrender value of a policy occurs according to the special scheme and of course it is worth clarify it more accurately.

As you can see it is always possible to find a way out! Insurance agreement cancelation is extremely undesirable measure.

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