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Lapsed Policy

Lapsed Policy

We may forget to pay the payment or be unable to pay the premium due to financial constraints. In both circumstances, the insurance will expire and the coverage would be lost. When a customer fails to pay a premium or, in the case of permanent life insurance, when the cash surrender value has worn out, the policy becomes lapsed. If your insurance has lapsed in this situation, the policyholder is no longer protected for any of the benefits stated in the policy. You can always reactivate your insurance coverage if it has lapsed. We highly advise you to contact your insurance provider and begin the process of restoring your lapsed coverage.

The amount of time you have to renew your coverage depends on the kind of policy and the insurance company. However, you typically have up to two years to renew your lapsed insurance coverage by paying the outstanding premiums. Keep in mind that, while it is usually a good idea to reinstate a policy, there may be accrued interest on the amount owed that you will have to pay.


Please contact us if this sounds too difficult. We understand your dilemma and can assist you in either reviving the policy or recovering your money by surrendering it.