Don't drop your life insurance
Get temporary coverage
If a pricey individual policy is putting you in a financial crunch, investigate other options.
"Temporary coverage through a plan offered at your work is better than no coverage at all," says Andrew Hutchison, an assistant vice president with The Guardian Life Insurance in Omaha, Neb. He adds that "most policies (permanent and term) have reinstatement provisions, so you can get your (old) policy back later."
After a plan lapses, Hutchison says policyholders generally have approximately three years to reinstate it, provided they can pay all back premiums on the policy and their health hasn't significantly changed.