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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.

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