I have a life insurance policy that is my collateral on a loan. I am going on active duty and don't know if I can pay my premiums on the policy. What can I do?
Untitled
Don't worry. SCRA sections 541 to 548 provide protection for you in this kind of situation. These sections provide that protected policies (life insurance included) of a servicemember will not lapse in the event premiums are not paid. This goes for interest and/or indebtedness on a premium as well.
There are requirements that must be followed in order to obtain these protections and it is limited to a total policy value of $250,000 or the Servicemembers' Group Life Insurance (SGLI) coverage amount, whichever is greater.
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Don't worry. SCRA 