(435) 656-3882 info@vaultais.com

Term policy:

Term policies have a fixed premium, you can not pay more or less than that premium.

If you are in a situation where you will be late or behind on a premium payment, call our office so that we can figure out options for you.  For example, if you also have a whole life policy, we may be able to take a policy loan from the Whole Life policy to cover the premiums while you work on cashflow.

We do not want to have your policy lapse. If this happens, you will lose your protection and it may be significantly harder to get another policy.  

Whole Life policies:

If you have a Whole Life policy with us, then you most likely also have a Paid-up Additions rider.  This add-on allows you to pay additional money into your policy. There is a minimum you must pay and there is also a maximum you are allowed to pay.  These min & max amounts are required to keep you within the IRS’s tax laws and keep your policy from becoming a “Modified Endowment Contract (MEC)”. If you want to pay more or less into your Whole Life policy, call our office (435.656.3882) and we will calculate your min & max PUA amounts for you.

Note Any changes to your automatic drafts must be made at least 10 business days prior to your next monthly draft. 

Never let a Whole Life policy lapse! This would be one of the most expensive financial mistakes someone could make in their portfolio. In a worst-case scenario, we can usually reduce the death benefit and pay-up the contract to turn the policy into a permanent policy that no longer required a premium but still receives dividends.

No matter if you want to increase or decrease what you’re paying, it’s a good idea to first call our office and let us help you set up the changes.