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What to Do If Your Life Insurance Policy Lapses

At Midwest Professional Insurance, we can help you find high-quality life insurance and other policies that will help you manage various difficulties in life. But what happens if your policy lapses? Are you unable to reinstate it, or can you get your coverage back? Understanding your options here is essential to ensure you have great coverage. 

You Can Get a Policy Back When It Lapses 

Life insurance is a unique type of policy because it doesn’t have a pressing need. For instance, auto insurance must be valid every month and, if it lapses, you can experience issues getting another policy again. However, life insurance is a long-term policy and, if it expires, you can get it reinstated. The process varies on how long you wait, though.

If you try to reinstate your policy before 30 days have lapsed, you probably just need to fill out a new application, pay your premiums, and get your policy back in order. Between 30 days to six months, though, you typically have to answer health questions and sign documents stating that you’ve experienced no severe health changes. 

And after 90 days and up to five years, you likely have to get a new medical examination and take other steps to get your life insurance policy back. Most companies are willing to reinstate your policy as long as you provide them with information about your health that helps to verify that your old policy is still appropriate for you. 

Getting a Great Life Insurance Policy 

As you can see, it is vital to avoid lapsing with your policy. While you can always work to get it reinstated after it expires, the extra work is sometimes frustrating and annoying for many people. So please don’t hesitate to contact us at Midwest Professional Insurance to learn more.

When is the right time to buy life insurance?

Although the right time to buy life insurance can vary from person to person, depending on their family and financial circumstances, the younger you are when a policy is open, the more likely that you’ll qualify for the lowest premium, and the sooner your family is supported should the worst happen. Given that tomorrow is not guaranteed, life insurance provides invaluable benefits for your loved ones and those you list as a beneficiary by providing financial security and peace of mind after your passing. If you have substantial debt or are the primary income earner in your household, life insurance becomes even more important. 

Before any life insurance policy is underwritten, you’ll have to undergo an extensive physical medical exam. The older you are, the more likely it is that you’ll develop health problems that could hinder the ability to get a life insurance policy or increase the premium substantially. There are two main types of life insurance – term and whole life. Term life insurance covers you for a specific period of time – usually 10, 15, or 20 years. When deciding the policy’s term, you’ll want to consider how long your dependents will rely on your income. For instance, if you have young children that you anticipate attending college, then you’ll want a policy that covers their school-age years. Conversely, whole or permanent life insurance lasts the entire duration of your life and can accumulate significant value over time. Additionally, although the policy is more expensive, it does include a tax-deferred cash component that can be borrowed against if needed. 

At Midwest Professional Insurance, we’ll walk you through your life insurance options so that you can make an educated decision that’s best for you and your family. Give us a call today to learn more. 

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