With the economy continuing to struggle, many people are looking for ways to save some money and tighten up their budget. That usually means going over their monthly expenses and trimming anything they might deem unnecessary. One of the first things that typically get cut is the life insurance policy. Despite evidence otherwise, some people simply believe their families don't really need life insurance. While you may not need it to actually survive, life insurance is really the only way to protect your loved one's future. It's definitely not something that should ever be completely cut out because you never know when you'll need it. Here's an overview of your options if you can't afford to pay your life insurance premiums
Unfortunately, if you cannot afford your premiums for a term life insurance policy and fail to pay them, your policy will lapse. There's not much you can do if you allow your policy to lapse, however you may be able to work something out if you contact your life insurance company beforehand. You might be able to adjust your policy, so that it pays out a smaller benefit but also has smaller premiums. If your situation improves in the future, you could go back and increase it's benefit.
Depending on the type of permanent life insurance you have and the policy's specific details, you may have several options if you can no longer afford the premiums. Here's a look at a few general options most companies offer: