What happens if I miss a premium payment?

If you miss a premium payment with Globe Life Insurance, there are a few possible outcomes depending on the policy you hold. For term life insurance policies, there is usually a grace period, typically 30 days, during which you can make the payment without any penalty. If the payment is not made within this grace period, the policy will typically lapse, and you will lose coverage. For whole life insurance policies, missed premiums may be deducted from the policy's cash value until it is exhausted. If the cash value is insufficient, the policy may enter a grace period, usually 30 or 31 days, during which the premium can still be paid to prevent lapse. It's important to contact Globe Life Insurance to discuss your specific policy and understand the implications of missed premium payments.