When you get life insurance you sign a contract and the only way to keep insurance eligible is to adhere terms of the contract. If you have to pay on time – please pay on time. If you need to submit accurate information on subject – please do it. Otherwise your policy can be legally cancelled and you will lose all money you spent for nothing and moreover you will lose credibility and in case you are willing to make a new contract with a new insurance company it will play role which you gonna see in your monthly bills.
It depends on terms of the contract whether you can or not skip the payment. For example, for some kinds of life insurance it is possible and doesn’t really affect contract. However, usually if the payment was missed you get a notification from insurance company which says that you have 30 days more to make the payment.
And if you do not manage to company can take measures (depend on terms and company):
- cancel insurance;
- require more information;
- demand examination.
And all of these are really as you not only lose credibility and any chance for discounts but because company (even if it doesn’t cancel insurance) can change terms of insurance policy and make those worse for you.
In order to avoid that always make sure you can make a payment. If you really cannot do it contact someone you trust to make a payment instead of you. It is always better to lend money from your friend for such an occasion than live without an insurance because of a single mistake.
You also can get a discount and a guarantee you won’t forget to make a payment if you allow automatic payment from your bank account. This is a good way to pay less, on time and gain insurer’s credibility. At last if you won’t pay company will know the reason is there is no money on your account.
Lie to Your Insurer
When it is about car insurance or health care or no matter what lie to your insurance and you are likely to see how your policy gets cancelled. The thing is insuring companies deal with cheaters constantly and they know how to find the truth.
They can provide investigations and no matter when the truth came up they can dispute insurance payments or else what. Any way they will either cancel insurance or take you to the court if your family already got paid while you were cheating.
So it is better to pay a bit more to insurance company if there are groundings to that instead of lying.