The insurance industry is one area that has actually built in a payment
protection to most of their products. Most insurance policies have a 30-day
grace period for non-payment. So, if you know that you are going to be a few
days late, you should have no problem. Just don’t be beyond 30 days late, or
you risk completely losing your coverage.
For life insurance, depending on the type of insurance you have, it may be
possible to actually borrow money from the policy to pay the premiums for you.
You should contact your insurance agent to see what your options are so that
you can insure you will not lose your coverage.
General Advice
If you have been carefully reading this article, you have probably noticed a
common them throughout. Regardless of the reason why you cannot make payments,
you should always contact the companies in question.
The reason that so many people get themselves into trouble, the kind of
trouble that can take a long time to clear up, is that they do not communicate
with the companies to whom they owe money. Even worse, they may only contact
the companies once a lot of damage has been done.
If you are facing the inability to pay your bills for the first time, it can
be quite humiliating to call someone and say I can pay my bills. However, you
must understand the individuals who answer the phones at these companies hear
this everyday. In fact, they are training to handle such calls, or get you to
people who are.
So, if you are not able to pay your bills, take a deep breathe and call your
creditors to find out what they can do for you. You may be surprised at how
easily some of the stress that comes from not having money can be eased so that
you can focus on the real problem at hand.