Life Insurance Hack That You Need To Know #financewithsharan #shorts

What If I told You….

Around 60.6% of people stop paying their life insurance premiums 💰 within 5 years of purchasing the policy !

The sentiment is, ”I’m healthy. Why do I need an insurance?”

However, we must remember that our lives are constantly surrounded by uncertainty. Therefore, having a life insurance policy at all times is essential. 🙌🏻

If you are one of those, who have stopped paying their insurance premiums due to which your policy has lapsed…

I have a question for you: Policy Revival or New Policy?

For the unaware, you can revive your lapsed policy if you pay back all remaining premiums and penalties, which range around 8-10% on unpaid premiums.

Depending on the company, the revival period can average between 3-5 years.

Now, a question might arise in your mind. “Why not just take a new policy?”

Well, you need to understand that if you take up a new policy, your premiums will be calculated as per your current age, which will be much higher.

Moreover, you can always negotiate the penalty amount with your existing insurance provider.

👉🏻 So I’m asking again, which method do you choose?
.
.
.
.
.
.
.
.
.
.
.
#financewithsharan #insurancetips #insurance #insuranceagent #lifeinsurance #insurancebroker