What Happens When You Lapse Your Life Insurance Policy | BetterWealth

What Happens When You Lapse Your Life Insurance Policy | BetterWealth

In today's BetterWealth episode, I am joined by Dominic Rufran as we talk about the AND Asset and get into the nitty gritty of what happens when lapsing your policy. The policy is a contract between the company and the owner, both people are contracted to uphold specific requirements. Listen as we talk about the details of ways you can have your policy lapse, the tax implications, premium payment deadlines, and other options you have regarding your policy. It is extremely important in the end to really understand the value of life insurance and the long term benefits of your policy.

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BetterWealth

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Caleb Guilliams

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[conniemichalik]

I am confused. If your policy lapses, do you receive the money you paid into

[cutlasssupreme]

Ive had " ordinary life insurance" for 11 years through my job and I just received a letter in the mail from Colonial life saying my policy will lapse this month on the 29th if I don't pay the premium of 41.23 for accident and life policy combined... So I should pay it and take out a loan depending on the cash value of the policy....?

[airmann]

My mother passed away and she had a life insurance policy on me. She took out the policy when I was a child, so I don’t even know what type of life insurance I have. I didn’t pay the policy for 5 year after she passed. I paid it on the 6 year. How does that happen?

[zackennedy]

Thanks! Heads up on the thumbnail. Lapse*

[demarstephon]

Is There A Stipulation That If A Premium Wasn't Paid Due To "The Pandemic" Situation Revolving Around Failed Mailing System For That State Documented "Delayed, Mislocated, And Or Lost Mail"....

And The Policy Lapsed As A Result, Can It Be Contested?

The Track Record Is Clean An Always Paid On Time Also Was One Auto pay, However, The Premium Had Just Increased And There Was Not Enough In The Cash Value.

[chickh]

An post Ireland, are coming across to me as a corrupt, paying policy for my father since 2012 and now they say its lapse, WTF