What happens if I miss a premium payment?

If a policyholder misses a premium payment with Assurity Life Insurance Company, there are several potential consequences that may follow. Typically, life insurance policies include a grace period, which is a designated timeframe during which the policyholder can still make the payment without losing coverage. This grace period often lasts between 30 to 31 days, but specifics can vary depending on the policy terms. During the grace period, the policy remains active, and the policyholder can catch up on missed payments. However, if the payment is not made by the end of the grace period, the policy may lapse, meaning the coverage essentially ends. This can result in the policyholder losing their insurance protection and potentially facing difficulties in acquiring new coverage based on their current health status or age. In some cases, any accumulated cash value may also be affected if the policy is permanent life insurance. It is always advisable for policyholders to review their specific policy documents for detailed terms regarding premium payments and grace periods. For the most accurate and personalized information, individuals can check the current web page for contact details or policy-specific inquiries.