Joe is a life insurance policyowner who has failed to pay interest on his policy loan. what will result from this nonpayment?

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Maackeenzieee8869 Maackeenzieee8869

13-04-2018
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Joe is a life insurance policyowner who has failed to pay interest on his policy loan. what will result from this nonpayment?

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MrsTriplet MrsTriplet · Answer 1 · 2018-04-22T19:05:41+02:00

Joe is a life insurance policyowner who has failed to pay interest on his policy loan. What will result from this nonpayment? Joe's payment will go up to reflect the added amount from interest he did not pay previously. Just like a credit card, loans often collect interest and the interest is deemed to be paid on time. When it is not paid it is tacked on to yet another bill causing the principle payment to rise.