WHAT will happen if the policyholder misses or stops paying the life insurance premium? Will the policy automatically lapse, forfeiting the promised benefits? Can he or she still get at least some of the payments already made?
Answers may vary depending on the type of the life insurance policy. It is crucial for those planning to secure these policies to know beforehand the kinds of life insurance offerings to allow them to make better life choices. Being informed about these will also help reduce future disappointments and foregone money losses because of bad decisions such as not obtaining the right insurance according to the policyholder’s needs and means.
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