What If I Become Disabled OR Unemploy8ed And Cannot Pay the Premium?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 15, 2021

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Some policies include provisions that will waive the premium payments during a perid of unemployment or disability.

If a policyholder has selected the automatic premium loan provision, a loan would automatically be taken against the cash value of the policy to pay the premium in the event the policy was about to lapse for nonpayment of premium. This would prevent loss of the insurance protection as long as the policy has enough cash value to pay the premium.

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