Are you always looking for ways to save money? 我们得到它! Trimming out unnecessary bills can mean more cash in your pocket to spend on the things you want.
However, there are definitely bills that you should 不 stop paying in order to gain extra cash…your mortgage/rent, utilities and 补充保险费举几个例子! Let’s learn about what happens if you stop paying your 补充保险费 and how it could impact your family’s financial security and future.
What happens if I stop paying my 补充保险费?
When you own a supplemental health or life insurance policy, you pay a regular premium to keep the policy active. If you stop paying premiums, your policy will lapse, which means you lose your coverage.
Most insurers understand situations can arise that result in late payment—misplaced and forgotten bills happen to the best of us! Rest assured, your policy won’t be canceled just because it’s a little late. If your insurer doesn’t receive your premium payment by the due date, 你的保单将进入宽限期, which allows your policy to stay in force and gives you some extra time to make a late payment. You may receive a reminder about your premium payment that lets you know how long your grace period is. Please reach out to your agent during this time if you have any questions!
If your grace period ends and your insurer still hasn’t received your premium payment, your policy will unfortunately lapse and you’ll lose your coverage.
Let’s cover four reasons why you shouldn’t let this happen!
1. You lose out on your policy’s financial protection
No one can predict the future and foresee when critical illness, 会发生意外伤害或生命损失. If you break your arm the day after your supplemental health insurance policy lapses, you could miss out on hundreds or thousands of dollars in benefits that could help you pay for medical bills or living expenses. And if you pass away without the financial protection of life insurance, your family could be responsible for your final expenses and debts without a death benefit to help.
通常, these unfortunate events happen when we least expect it, 这就是为什么要时刻做好准备.
Let’s say you let your supplemental health or life insurance policy lapse, but then change your mind a year later and decide you want coverage again. You may be surprised to find out that your premiums have risen from when you first got coverage. That’s because premiums tend to increase with age—and you’ll never be younger than you were when you first secured coverage! You could also develop a pre-existing condition that may affect your ability to get coverage or raise your premiums significantly.
3. You may have options for enhancing your coverage
Are you canceling your policy because it no longer meets your needs or you want more coverage? 在你的保险失效之前, talk to your insurance agent about the possibility of a policy upgrade. You may be able to change your policy or add to it to get the coverage and benefits that you want.
如果升级不可能, your agent may be able to recommend a different product that better meets your needs. Your agent can help you develop a plan to avoid a period of time with coverage gaps.
Supplemental insurance is far more affordable than most people think. 保费因计划和承运人而异, but the average cost compares with nonessential items like coffee, 餐厅吃饭, 流媒体服务和香烟:
- $832: Two fast-food meals a week for one year
- $2,190: A pack of cigarettes a day for one year
Cutting back on nonessentials may help free up money for the financial security and peace of mind that supplemental insurance can help provide.
If you’re thinking about canceling your supplemental insurance policy or letting it lapse, we encourage you to first talk to your insurance agent. Your agent may be able to help you find a solution that better meets your needs. Also reach out to your agent if your policy has recently lapsed as a reinstatement of coverage may be possible.