Life Insurance Premiums Payment Process
Most companies provide temporary and conditional coverage at the completion of the medical exam provided a premium payment is made when the application is mailed. This coverage is subject to the conditions outlined in the conditional receipt.
If you require conditional coverage during the time your policy is being underwritten, you must send in your first premium payment with your application to IntelliQuote®.
However, we do not require a premium payment to be made at the time of application. Your first premium payment may be made when your policy is approved.
Continue Payments or Cancel Policy
Once a policy is issued, it cannot be canceled by the insurance company during the policy period, including changes in health. However, the insurance company can cancel a policy if the required premium payments are not made or if any of the information on the application was found to be misleading or inaccurate.
As a policy holder you may choose to stop paying life insurance premiums at any time to cancel your policy.