12/01/2026
"๐๐๐๐, ๐๐๐ก๐๐ ๐๐ข ๐ก๐๐๐๐ฌ๐๐ฅ๐๐ก!"
What will happen to your insurance contract if you stop paying your premiums?
Mateterminate na ba? Lapsed? Or may grace period ba? May penalties and interest ba?
Halimbawa, ngayong araw ang due date. Hindi mo nabayaran today. Here's what will happen:
โญ ๐จ๐ก๐๐๐ฅ ๐ง๐๐ฅ๐ ๐๐ก๐ฆ๐จ๐ฅ๐๐ก๐๐
๐๐ผ๐ป๐ฐ๐ฒ๐ฝ๐: Since Term Insurance ito, all your premiums ay consumed ng charges. You are required to pay for the current period's charges, otherwise, wala nang pagkukunan ng charges to sustain your policy. Mateterminate ang policy mo.
๐๐ฟ๐ฎ๐ฐ๐ฒ ๐ฃ๐ฒ๐ฟ๐ถ๐ผ๐ฑ: Normally 31 days ito. Depends pa sa plan structure. Meaning, 31 days from due date, dapat mabayaran mo na ang premium mo.
๐ฃ๐ฒ๐ป๐ฎ๐น๐๐ถ๐ฒ๐: Wala naman. Either you pay the premium or not.
๐๐ณ๐ณ๐ฒ๐ฐ๐: If hindi mo mabayaran even after the grace period, your policy will be terminated.
โญ ๐จ๐ก๐๐๐ฅ ๐ฉ๐๐ฅ๐๐๐๐๐ ๐๐ก๐ฆ๐จ๐ฅ๐๐ก๐๐
๐๐ผ๐ป๐ฐ๐ฒ๐ฝ๐: Since sa variable insurance, your premium is used to buy units of the fund (kaya meron kang Fund Value or Investments), then itong funds na ito ang nababawasan dahil sa charges. If the charges can no longer be sustained, the policy will be terminated.
๐๐ฟ๐ฎ๐ฐ๐ฒ ๐ฃ๐ฒ๐ฟ๐ถ๐ผ๐ฑ: Normally 31 days rin from due date. Pero in our system, it takes 2 months bago mag-appear as "lapsed." Due date now, bilang ka 2 months after, doon mag-a-appear na lapsed.
๐ฃ๐ฒ๐ป๐ฎ๐น๐๐ถ๐ฒ๐: Depende sa type ng variable insurance. May tinatawag kasing Premium holiday. Ito 'yung time na kapag 3 years ka nang nakapaghulog sa plan, and later on you decided not to pay muna ang premiums, you can apply for Premium holiday. May variable insurance (limited-pay) na may premium holiday charges. Meron naman, wala.
๐๐ณ๐ณ๐ฒ๐ฐ๐: If halimbawa, hindi ka naka-bayad ng premium within the grace period, ang next na titingnan natin ay kung may fund value ka ba.
Kasi kung meron, 'yun ang uubusin muna. Doon ibabawas ang charges (not necessarily your whole premium ha). So meaning, may chance na hindi pa mag-terminate ang policy. Unlike sa term insurance.
Learn more about Variable Insurance ๐ฝ
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โญ ๐จ๐ก๐๐๐ฅ ๐ช๐๐ข๐๐ ๐๐๐๐ ๐๐ก๐ฆ๐จ๐ฅ๐๐ก๐๐
๐๐ผ๐ป๐ฐ๐ฒ๐ฝ๐: Ang whole life insurance ay binabayaran mo ang buong charges para ma-insure ka until age 100, in a few years lang like 10 or 20 years. So kapag natapos mo ang period na ito, insured ka na talaga no matter what until age 100. If in the middle, napatigil ka, we have to check your surrender value. At doon tayo magkakaroon ng move. (Not necessarily terminate agad)
๐๐ฟ๐ฎ๐ฐ๐ฒ ๐ฃ๐ฒ๐ฟ๐ถ๐ผ๐ฑ: 31 days rin. Dapat mabayaran within 31 days from premium due date.
๐ฃ๐ฒ๐ป๐ฎ๐น๐๐ถ๐ฒ๐: If beyond 31 days na, isa sa option kasi dito ay Premium Loan. 'Yung supposedly babayaran mong premium ay i-tatake as loan sa policy. May interest expense dito.
๐๐ณ๐ณ๐ฒ๐ฐ๐: If beyond grace period, hindi mo nabayaran ang premium, hindi agad-agad ma-teterminate ang policy. You have 3 options naman:
Pwede mong ituloy ang policy na same insurance coverage pero less coverage period na. Or same period age 100, pero lower benefits na. Or take up ka ng policy loan to pay for the premiums. Pero if want mo mag-terminate, pwede rin. You can withdraw the guaranteed surrender value.
Learn more about Whole Life Insurance ๐ฝ
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