Life Insurance Reinstatement

Reinstatement is the restoration of a person or thing to a former position regarding insurance. Reinstatement allows a previously terminated policy to resume effective coverage. In the case of nonpayment, the insurer may require evidence of eligibility, such as an updated medical examination for life insurance and a full payment of outstanding premiums. The insurer would be advised not to let nonpayment happen after having their policy reinstated. Sometimes you might miss a payment on your life insurance policy switching banks, getting lost in the mail you know, bills getting lost in the mail or financial hardships are usually the cause of this situation. A reinstatement usually require an insurer to answer health questions to see if the life insurance company will even take them back. So when the insurance company sends you this missed payment on your policy, or it's going to lapse letter, you need to take note and get that money to them.