What happens if I miss a premium payment?

If you miss a premium payment for CMFG Life Insurance, a few things may happen. Initially, there is typically a grace period during which the payment can still be made without any negative consequences. If the payment remains unpaid beyond the grace period, the policy may enter a lapse status, meaning that the coverage is temporarily suspended. To reinstate the policy, you will likely be required to pay the missed premium amount along with any applicable late fees or interest charges. However, if the policy has accumulated enough cash value, there could be an option to use it to cover the premiums temporarily until you are able to resume payments. It is crucial to stay informed about the specific terms and conditions of your policy to fully understand the potential outcomes of missing a premium payment.