“I understand that I need to insure my life. But I am lack of money.” Insurance agents hear this phrase very often. Sometimes a client can make first or second premium and then loses his job. So, what to do, if you are a non-payer?
Lack of Money is not Funny or Categories of Non-Payers
The decision to invest your money and to accumulate the banking capital attracts finance, necessary for you, in your life. Life insurance policy is possible to be bought, even if you think, you are poor. It is not the waste of money; it is the investment you make.
Remember, that everyone, who is not a lazy bone, has an opportunity to save several dollars per month and make the demanded payment for his future. Never try to deceive yourself that you are a poor thing and the bills byte like a dog and frighten an average American worker. For sure you are able to pay unless you are an undocumented immigrant or a person, who lives under the level of a federal poverty. Are you?
Of course, undocumented immigrants can’t afford life insurance. They also can’t find a job (or it is not legal) and can’t claim for privileges. Everyone knows, that staying undocumented is not a good idea. Even if you have appeared in such a terrible situation, you should know that you still have the way out. In California and some other states there’s centers, where immigrants can get help and support. Thus there are grants for immigrants insurance, there are federal programs to support immigrants. In any case, there are insurance companies, which don’t ask the immigration status. So go to the office of such a company, where inconvenient questions are not asked and apply for your right. Life insurance is necessary, you know.
The other category of Americans, who can’t pay bills for life insurance, are extremely poor people (those, who live more than 133% under the level of federal poverty). In this case there are subsidies programs that still can help you to get the policy, but pay much less for it. Thus, if you see that the cheapest policy you can get is more than 8% of your monthly income, you can claim for a subsidy.
Must-Have for Non-Payers
Non-payers can be divided into two groups: people without policy, because they can’t earn enough money for it and with a partially-paid policy, when they lost their income and can’t make the next monthly payment.
As for the first group, it was told above about different sensitive programs of privileges. Don’t you earn enough money? Get a subsidy.
Even if you suddenly lost your money or you were dismissed, you still can keep your insurance policy for some time unpaid and not to lose its validity. Follow these instructions:
- Beg for the delay. Is your agent a kind person? Even if he is not, insurance companies must make a delay of sixty days for clients if they once are not able to make regular monthly payment.
- Beg your agent to reduce the monthly payments. The day when you have to make your premium is near. But you have spent some money for your education or lost your wallet in a taxi or bought an expensive vase to your granny’s jubilee. Your account is empty and will be empty for the next year. You can ask to decrease your monthly premium but you will lose some option from your contract.
- You can close your policy. It doesn’t mean that your policy became invalid. That amount of money you have already paid for this policy remains on your account. Of course, the action of your policy is limited now.
- The last step that you can make is to cancel your policy. Every deal has such a point, where the possibility of policy cancellation is discussed. As usual insurance companies provide some kind of penalties for those, who cancel the deal prematurely. But still some amount of coverage can be paid for you. You should know that this step is the last one. For sure, there are a lot of ideas how to claim for some delay and make the necessary payments later.
To sum up, even if the holder of the policy has some financial troubles and it is impossible for him to pay the premium, it doesn’t mean that he loses the insurance. There are at least four ways out of the situation. It is necessary to discuss this subject with your agent or lawyer and the way out will be found.
How to Find Some Extra Money for Term Life Insurance?
1.Negotiate and apply for subsidies – for sure, you have a right for a discount.
Negotiation is the best way to solve many problems. For sure, you have some unordinary situation in your life if you can’t make the monthly payment. For sure, the insurance agent will help you – delay the payment or make it less or will tell you about some discount programs that take place in their company. Just tell about your problem to your agent and you both will look for the way out.
2.Check your expenses – for sure, you pay more, when get the things that are of no use to you.
If you are lack of money – try to reconsider the expanses you make every month. The payment for the bill is not so huge. For sure, you can afford it if refuse from some extra services that are of no use to you. For example, you visit expensive restaurants and clubs every evening or pay for your sport club and don’t visit it – try to reduce some extra payments and for sure you will get a couple of dollars to make an investment in your future.
3.Find the answer online.
Online support is popular on the territory of USA. Patrons often are ready to help. They can invest some extra money to poor people, who are in a financial gap. You can find some subsidy program for citizens, who live under the level of poverty. The world is full of kind and supportive organizations. You are able to look for them online.
So, if you can’t pay for term life insurance, first of all don’t fall into despair. Be sure that there are a lot of ideas how to cope with this situation. Just don’t be silent – call your agent, ask for help, get online support – do everything if you are looking for your problem solution and soon you will be surprised to get the money for your policy. Never save money on advertisement and insurance and you will succeed.