Don't drop your life insurance
Lower your benefit
"If you have a 20-year policy for $500,000, you will always have the option of reducing the base amount of $250,000 and effectively cut your premiums in half," says Rowan. "When you're back on your feet, assuming your health doesn't change, you can always apply for more insurance."
Lowering your benefit can help you get through a tough time, but it could cost more in the end. Once a policyholder is prepared to raise his or her benefit, Rowan says that he or she might have to go through medical underwriting again. If the person's health or lifestyle changed during the interim, premiums could increase.