Sentences with phrase «people let their policies lapse»
Whole life is good, but it is oversold by the agents (face amounts) and people let their policies lapse.
http://www.hinermangroup.com/ Not exact matches
MEG Financial founder and CEO Michael E. Gray, Jr. states, «in the past, cases where key person coverage was acquired but was no longer needed, the only options for the business were to let the key man policy lapse or surrender the policy for its remaining cash value.
There are quite a few people that purchase life insurance and pay for it for a few years and then let the policy lapse for one reason or another.
If for whatever reason this person lets their $ 250,000 whole life policy lapse (by not paying their bill), they will then have $ 500,000 of life insurance in force.
Until recently, people with unwanted life insurance would either: 1) Let their policy lapse when they couldn't pay for it or 2) Surrender the policy back to the insurer for the cash surrender value.