What To Do If You Can’t Pay Your Life Insurance Bill
July 21, 2020 by Cameron Huddleston
Lately, Michael Whitman has been hearing from clients who are looking for ways to spend less. Whitman, a Certified Financial Planner and managing partner for Millennium Planning Group, says the first thing they consider cutting isn’t cable TV, a subscription service or other nonessential expense. It’s their life insurance policy.
Other financial planners also say that clients have contacted them during the coronavirus pandemic because they’re having trouble paying permanent life insurance premiums. Because a permanent life insurance policy provides coverage for life, as long as you pay the premiums due, it’s more expensive than a term life insurance policy that provides coverage only for a certain number of years.
The higher cost of permanent life insurance—which includes whole life and universal life insurance policies—is a key reason some experts caution against it.