Other ways to pay your premium
If you don’t have the cash on hand, here are some other ways to pay your premium:
- Use a rider, if you purchased one with your policy. If you can’t work due to an injury or illness — like the coronavirus — a waiver of premium rider could step in to cover your premiums. And if you’re temporarily disabled, a disability rider might apply.
- Withdraw from your permanent policy’s cash value. If your permanent policy has accumulated enough cash value, you may be able to dip into that to pay your premium.
- Make the most of your dividends. Some mutual life insurance companies pay dividends to their permanent policyholders. If you’ve received dividends, consider using the money to cover your premium.