Think Twice Before Letting Your Life Insurance LapseArticle Posted by Expert Author: Adam Foley on 04/08/2013
Although there are a lot fewer life insurance policy lapses in this country than there used to be, lapses still do occur. Among the young are where they're occurring the most, as experts say that this is the age group which is most likely to go looking for bargains and become dissatisfied with their coverage. But seniors also tend to give up their policies in favor of the extra cash they need to supplement shaky pension income.
No matter your age, there are a few things to be aware of if you are thinking seriously about letting your Metropolitan life insurance company coverage lapse, as there are some consequences for doing so. First of all, you could be causing yourself future problems in the form of higher rates or denial of coverage. Your company may give you a grace period once you let your policy lapse. And although this can allow you extra time to reconsider, going back will not mean you get the same rates.
You can, however, research what's available from a variety of life insurance companies to compare what you've currently paying on vs. what may be available to you for a better rate, or for much better coverage. We can help you compare policies and providers to make your research easier.
Article Posted In: Great Planning Tips Life Insurance Companies
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