After a policy has lapsed, insurers normally provide three to five years to restore it. We won't lose our life insurance coverage if we miss one payment.
According to Erin Ardleigh, founder and president of independent insurance brokerage company Dynama Insurance, life insurance firms often provide customers a 30- or 31-day grace period to pay premiums from the date they are due.
A lapsed policy is one for which all benefits to the policyholder stop and are terminated since the premium payment was not made by the due date or even after the grace period.
The policy becomes lapses when payments and servicing are excessively delayed. A expired policy, however, may be reinstated by meeting the requirements outlined in the policy statement. In general, the resurrection and reinstatement is promoted and made easier to avoid losses for all parties.
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