Enjoy life cover despite missing premium with a new term plan but here are the watchouts
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Enjoy life cover despite missing premium with a new term plan but here are the watchoutsBy
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Synopsis
If you skip any premium beyond the grace period during your premium paying term, the life cover ceases to work. So, a life insurance plan that is meant to give financial protection actually becomes futile in protecting you during in such a trying time.
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During your good days you may do well to buy a term plan to protect your family financially in the bad days, i.e. in your absence. But have you wondered what will happen to this protection if you miss the premium payment and your family loses you? This scenario may have appeared unlikely until very recently but not any longer, thanks to the coronavirus crisis wherein people are facing enhanced life risk together with earning risk either due to loss of job or other financial distress.