Do Not Let your Life Insurance Policy Lapse

The two most common reasons, a Life Insurance Policy lapse is because the individual forgot to renew it or did not pay the premium by the end of the grace period.

Most of them think that reinstating a lapsed insurance policy is very simple like dealing with a cable, gas or electricity bill. But the fact is (in most cases) you cannot reinstate a lapsed one. You need to apply for a new policy which may become a costly deal for you.

Some companies allow you to reinstate within five years of the lapse. However it depends on certain conditions like declaration of your state of health at the time of reinstatement.

Disclaimer: The above provided information is for general guidance only. It is not intended as, nor should it be taken to be, legal, financial or other professional advice for your situation.