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Insurance Claims

What if the life insurance policy lapsed?

Short answer

Contact the insurer immediately. Some policies have a grace period (usually 30 days) during which a lapsed policy can still pay a claim. Some policies have reinstatement provisions. Some policies have paid-up values even after lapsing. Do not assume a lapsed policy…

What this usually means

Contact the insurer immediately. Some policies have a grace period (usually 30 days) during which a lapsed policy can still pay a claim. Some policies have reinstatement provisions. Some policies have paid-up values even after lapsing. Do not assume a lapsed policy pays nothing — ask specifically.

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