Having a life insurance policy is a major financial commitment and you should ensure that you have the financial capacity to fulfill this commitment. Many times people take a life insurance policy on a whim or because someone they know is taking it. Thereafter, they realize that it is not fun and games when you have to pay the premium every month. Failure to pay life insurance policy will result in cancellation or lapsing of your policy and your family will not get any money if you die.
Taking out a life coverage is not a joke. It has to be thought through carefully and many financial advisors will advice you to have a life insurance policy. You might be saving for your retirement but what happens if you die before you retire. The amount you have saved for retirement may not be sufficient to see your family through. This is where a life insurance policy comes handy. Your family can claim the money by submitting your death certificate and other required papers. However, failure to pay life insurance policy means no money or financial security for your spouse and children. You not only lose the policy but also the money you have paid in premiums until now. Failure to pay life insurance policy can be viewed as a double loss.
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