Procedure of lapsed life insurance policy
Have you found that your life insurance policy is expired? Now are you thinking a way to renew your policy without any delay?
We are here to tell you about the life insurance revival process which restores your lapsed life insurance policy without dissipating your policy coverage. This revival process depends on the type of your life policy as well as the duration of your policy lapse. Reviving your life insurance policy indulges some procedures which successfully restores your lapsed life covers.
Reinstatement is the primary phase where you will have to submit all your policy documents which are decided on the duration of your policy lapse and your revival application date. Later this, you need to pay the delayed premium sum along with the interest to your insurer, sometimes with penalty, where your interest and penalty will be decided by your insurer. Now after submitting the necessary documents and paying unpaid premiums will let your request of insurance policy revival to process, which is the third stage. Now you may have to submit an insurance certificate or a health statement to your insurer by carefully filling the form.
Finally, your lapsed life insurance policy starts covering your life again, but we advise you to check your new insurance policy document for any new clauses as the insurers tend to add them some time. So, now you have known the process of life policy revival, then why wait restore your lapsed insurance policies and restart your coverage.