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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reviewed or revised by the author and may be out of date.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 asktony@tonynovak.com.
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.
Summary
More resources:
Guarantee Trust Life Insurance
