How often do I pay my Life Insurance Premium?

Answer:
Many Life Insurance providers offer several premium payment options.

In many cases, life insurance premiums may be paid monthly, quarterly, semi-annually or annually.

The best way to learn specific options for premium payment of life insurance is to work closely with a reputable insurance agent, because the insurance business is so complex and so varied it is impossible to describe a "one-size-fits-all" scenario here.

Life insurance policies are in a different category than health insurance policies, in that life insurance policies are geared more for something that WILL occur (i.e., death of the insured), rather than something that MIGHT occur (i.e., sickness, injury, etc.).

There are a number of different life insurance policy types available, and each type may offer distinct premium payment options.

For example, Term Life policies may even offer lump-sum payment of premiums, since the policy is essentially a "package" that remains the same throughout the period of coverage.

Permanent Life policies may offer flexibility in premium payments as well, since Permanent Life policies are evolving, or growing types of policies, and the more it grows, the less risk the insurer is under.

Other types of life insurance policies may offer other innovative and attractive premium payment options. For more assistance, contact your State Department of Insurance or Insurance Commissioner's office.


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