Kanetix Forum

What happens if I die while I have an outstanding payment? Does that mean my family doesn't receive a death benefit?

I found this information on the Canadian Life and Health Insurance Association site (http://www.clhia.ca/e7_2.htm) You may want to download the brochure, "A guide to insurance" for more information:

If you have an outstanding insurance payment, you have 30 days from the day the payment is due to make the payment. If death occurs during the 30-day grace period, the death benefit is paid but outstanding premium is deducted from that payment.

Also, don¿t forget to talk to your life insurance broker. They are there to help you and provide you with any additional information you may need.