Lapsing on Your Life Insurance
Are you a life insurance guru? What we mean is, do you know everything that there is to know about protecting your loved ones? Well, we want to make sure you are always set up to succeed whenever you deal with your plan. Today we want to talk about lapsing. Do you know what it means to lapse on life insurance? This is a situation that you need to try and avoid whenever possible. It helps by knowing what you are up against first. Whenever you get coverage it must work for you in all possible situations. The only time you should be happy with your coverage is when you get exactly what you need.
How a Policy Lapses
You must make sure that you pay your monthly premium with life insurance. As long as you do this you will have a plan that is working for you. If you miss a payment, you will have a grace period to catch up. This period is 30-31 days. If you miss this next payment, your plan will expire. This means that your contract will cancel itself. You need to pay your premium in order to properly use the service. Cash value can help you out at this time. If you have built up cash value, it will be used to pay off your premiums for as long as possible. A plan can expire when you stop paying attention, so make sure you always know what is going on.
Why it Often Happens
Did you know that some people actually let their agreement expire on purpose? They cannot afford the premiums, therefore they just stop paying. This could affect your ability to successfully apply for coverage again, especially if you let this happen too many times. A plan will also lapse if you try to pay with a check that bounces. The funds need to be there in order for the premiums to be paid off. If you are going to sign up for coverage, you need to be able to afford it. This is why it will work to your advantage to pay attention and know how much you owe at all times. If you cannot pay your premium, do not just choose to let the contract lapse. Contact your agent and explain your situation to them first.
Can You Reinstate a Lapsed Policy?
It is very possible for you to reinstate your expired agreement, but every life insurance company will have different requirements that need to be met. You need to contact them directly and ask. A rule of thumb is that you have to pay every single premium that you have missed, and you have to inquire about reinstatement within 5 years of the date of expiration. Your current ability to become insured will also come into play and you could end up having to pay more. If you decide that you want to surrender your policy and get the cash value, no reinstatement will be possible. Please contact your agent when you think about reinstating your plan.
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