If you’ve witnessed a loved one learning about a lapsed life insurance policy, you understand the stress and worry that comes with making sure that your monthly premiums are paid on time every month. While it may be easy for you to meet those premiums when you’re young, healthy and working a full-time job, it may become more difficult in your golden years when you don’t have a steady income to rely on. So, what are you to do? You can always invest in a 10-pay whole life insurance policy.
A 10-pay life insurance policy is designed to guarantee that your loved ones receive death benefits even if you’re unable to make monthly payments in your elder years. So long as you meet the premium requirements during that ten-year span, your policy will continue to accrue a cash value until it is cashed in on. You can up your policy amount if you want to continue making payments, or you can settle for the original, guaranteed amount. Either way, you can retire in comfort knowing that your loved ones are provided for in the event of your untimely death.
10-pay whole life insurance also comes with a disability waiver, which guarantees that your policy will remain in force as long as your disability lasts. Even you’re unable to finish the 10-year premium payment setup, your family is covered.