Lapsing your Insurance policy and what it means to you (Part 2)

Avatar — Mon, 10 Mar 2008 00:28:14 +0000

You can even end up under suspicion for insurance fraud with you and your agent in connivance sharing the commissions. The typical insurance agent commission payout is around 50% for term insurance for the total amount of the first years computed premiums, and to a whopping 60% for whole life insurance for the first years computed premium payments. So the commission amounts can be high enough and regularly do entice people to do such dastardly acts. Agents also receive additional perks for signed contracts placing you and your agent under more suspicion of connivance. If possible, try to be as resilient as possible so you can get your agent and insurance company to assist you with the best package that is possible for your specific applications.

Lapsing your Insurance policy and what it means to you (Part 1)

Avatar — Fri, 01 Feb 2008 00:26:54 +0000

Lapsing an insurance policy for any reason may or may not affect your ability to re-sign for a new one. Some people simply feel dissatisfied with the policy and choose to forget paying the rest of the premiums due till it voids itself. Others simply choose to purchase another policy with higher coverage to get better coverage and rates. Whichever the case for lapsing of a policy, the first time may simply be a sign of financial crunch where the insured cannot finish making his payments. Lapsing policies several times over can spell disaster for the insurance company will look into the reasons for these lapses and even deny if they see you are financially unable to pay for your own insurance.

Practical Health Insurance » Lapsing Payments

Lapsing your Insurance policy and what it means to you (Part 2)

Lapsing your Insurance policy and what it means to you (Part 1)