how can I stop paying premuims and freeze life insurance policy?

UPDATED: May 15, 2017

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: May 15, 2017Fact Checked

Free Insurance Comparison

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Asked May 15, 2017

1 Answer

Yes, you can do this. It is only made available to those who have a stepped premium life insurance policy. This happens to those who buy into a plan that rises with age.

What you need to consider

Not all policies will include this option. You need to check with your company to see whether this is an option or not. You will have a window of 30 days to do this. This happens usually when the policy has been renewed. You will have thirty days from renewal to determine whether you can afford it or not.

How does it work?

The premiums will be frozen for a period of time. You can either make the choice to cancel it after a bit or continue to put money in. Those of you who choose the later will not have an increase in rate. Once you click to have it deactivated, your rates will go back up.

Are there any downsides to doing this?

Your coverage is not going to increase during this time. You may also become uninsured. It all depends on your insurance company and what their rules are. You may also lose some benefits. You need to check with your insurance to see what will happen to your benefits.

Can I unfreeze it?

Yes. Some policies have unfrozen themselves over time. Certain situational factors determine this. A renewal date can cause your policy to unfreeze on its own. You may have made a claim that will unfreeze it. Any adjustments made during this time can cause an "unfreeze" to happen.

Those of you who can no longer afford the payments may consider this a good option. Consider all your options first. You also need to check with your company. Their terms and conditions may have options that you may be "subject" to.

Answered May 17, 2017 by GWGLife

Related Links

Free Insurance Comparison

Compare quotes from the top insurance companies and save!

secured lock Secured with SHA-256 Encryption