Reinstatement of life insurance policy refers to restoration of the previously terminated life insurance policy. An individual can reinstate the policy within the revival period of the life insurance policy provided by the life insurance company, in case the policyholder did not make the due premium payment even during the grace period.
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What Is Reinstatement Of Life Insurance Policy
Reinstatement of a life insurance policy refers to resuming the coverage of previously terminated life insurance policy. In case the due premium payment is not made beyond the grace period, the life insurance policy may lapse which leads to termination of all the coverage benefits provided under it. However, one can reinstate a lapsed life insurance policy.
How Reinstatement Works?
Reinstatement of a life insurance policy can be done during the revival period which occurs after the end of the grace period. In case the policyholder is not able to make the due premium payment, the insurance company will provide a grace period. Under the grace period the policy remains active and if the policyholder is still unable to make the due premium payment during the grace period, the life insurance policy will lapse.
After the life insurance policy gets lapsed, the policy can be reinstated within the given renewal period without any paperwork, underwriting or medical exams. Insurance companies will ask for full payment of the due premium payment along with other applicable charges.
To reinstate a lapsed life insurance policy, the policyholder requires to make an application for the revival of the life insurance policy to the insurance company. The insurance company will require the policyholder to fill and submit the revival form. It is recommended to contact the insurance company or visit the nearest branch office to get full understanding of the process.
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