You bought life insurance as a way to safeguard your loved ones from should something happen to you. Now, you find yourself disabled and unable to work.  

You may be wondering what will happen to your life insurance policy now. After all, disability can cause financial hardship. It is important to know that each life insurance policy is different from the next. The policy terms usually outline what will happen to your current plan if you become disabled. 

Continuing the Policy 
In some disability situations, you may be able to continue the life insurance policy. The insurer will allow you to do so if you can continue to make payments on the plan.  

It is very important for you to verify this with the insurer directly. There is no legal requirement for the insurer to continue providing access to you. This is especially true for life insurance plans obtained through employment. Once your employment ends, you may no longer maintain coverage. 

If you can maintain coverage, you will likely have to still pay for your plan, much like what your employer is already doing. How much you pay depends on the type of plan and your needs. 

Discontinuing Your Policy 
Sometimes, you may not be able to keep the same life insurance plan you had before becoming disabled. If this is the case, it is important to seek out a new plan right away.  

Some term life plans will allow you to get coverage with disability payments. However, companies usually limit the length and the amount of protection provided. If you are over the age of 50, you may also qualify for life insurance plans that do not require a physical. These may increase your chances of obtaining the coverage you desire. 

If you are unsure what will happen to your life insurance plan right now, call your insurer directly. You may find that there is protection available to you. You may be able to continue to make payments to keep your policy active. Keep in mind that your life insurer does not have to offer you care. That is why it is so important to verify information in advance so you can avoid losing your benefits outright and putting your family at financial risk. 

Active Insurance can help you get a life insurance plan that fits your needs. Call us at one of our locations for more information.