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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

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Flexible term life insurance

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email

Q: I have taken a 3 month Leave of Absence (LOA) from my work. I would like to have $100K worth of life insurance during those 3 months. Can I make one quarterly payment on the 10 year term and then either extend (monthly), if I extend my LOA or cancel if I decide to go back to work after my 3 month LOA is over?

A: Yes but for maximum flexibility you might want to use an automated monthly payment by bank draft, credit card or debit card. That is a more popular way to pay for insurance and you can call to stop the coverage whenever you want. A quarterly billing is not so flexible.


More resources:

Guarantee Trust Life Insurance