What Happens If I Stop Paying Life Insurance?

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   Dave Lin

   Principal, Linwood Forest Insurance Group, Pennsylvania

   Depends on what type of life insurance you have.  In most cases you will lose coverage unless you can reinstate it by catching up on your premiums within a certain time.  If you have a cash value policy, there are  options you can utilize to prolong or paid off a portion of your policy.  There can also be surrender charges and tax implications on policies with a cash value.  It is best to talk to your insurance agent about the options and consequences before you lapse your policy.

   Answered on June 19, 2013

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