Today's financial pressures have many people looking for
ways to reduce expenses and create an emergency fund. In pursuit of
that goal, life insurance premiums seem like an easy tap to shut
off now and turn back on later.
But before you consider cancelling your life insurance policy,
consider what's at stake for you, your family and your
practice. Below, we offer some options that let you avoid
cancelling your coverage while still securing your financial
future.
What's at stake
Cancelling your life insurance policy has obvious and
not-to-so-obvious consequences. Here are three risks that should
make this a financial last resort:
1. You give up financial protection
If you cancel your life insurance policy now, you will have to
buy a new one in the future. Because most people put off buying
life insurance, it may be years before you get around to replacing
the coverage you have today. Between now and then, you and your
family will be uninsured and therefore
