Reader’s Question:

Hi I’m Jane. I have 2 questions for you. I would like to know what would happen if I missed any payment period with my life insurance? My friend is planning to purchase another life insurance aside from the one that she already has. Is that possible in Florida?

Rey

Miami FL

Most ZFlorida life insurance policies provide a one-month grace period if you fail to pay your premium on time. Depending on the reason for not paying the premium, there will be no added interest if you pay your premium within the time frame. Otherwise, your insurance policy will lapse.

If you have a Florida life insurance and fail to pay your premium on time, the money will be deducted from your cash value to pay the premium. This in turn lowers your cash value. If the reason for timely premium payment is due to disability, you may add a “waiver of premium” provision so that you don’t have to pay the premiums for the policy duration.

Your friend can purchase another life insurance policy if she already has one. Your friend should take note that if she buys more than what she needs, she will be required by the insurance company to take the medical exam or a proof that your friend does not have an outstanding medical condition.

 

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