lapsed life insurance contract

[kitty191919]

Hi,
I accidentally cancelled the autopayment so I haven't paid for my life insurance for a few months. Now my contract is lapsed. If I surrender and start another plan at other insurance companies, am I going to get a fine or interest for my previous unpaid payments? thanks!

 

[WinoBlues]

Hi,
I accidentally cancelled the autopayment so I haven't paid for my life insurance for a few months. Now my contract is lapsed. If I surrender and start another plan at other insurance companies, am I going to get a fine or interest for my previous unpaid payments? thanks!

Without knowing all of the details - most likey, no. You just start over.

Now, depending on the type of policy you had and how long you had it there is a possibility that there could be some small value in the old policy.

Ask any questions you have and someone here should be able to help you.

Beware of people reaching out to you in private.

 

[goillini52]

Without knowing all of the details - most likey, no. You just start over.

Now, depending on the type of policy you had and how long you had it there is a possibility that there could be some small value in the old policy.

Ask any questions you have and someone here should be able to help you.

Beware of people reaching out to you in private.

Is that because they might be perverts?

 

[kitty191919]

Without knowing all of the details - most likey, no. You just start over.

Now, depending on the type of policy you had and how long you had it there is a possibility that there could be some small value in the old policy.

Ask any questions you have and someone here should be able to help you.

Beware of people reaching out to you in private.

Thanks so much!

 

[WinoBlues]

Is that because they might be perverts?

Or up to monkey business, Chango.

 

[WinoBlues]

Thanks so much!

You are welcome.

Oh, one more thing. Just because the policy lapsed does not mean it can not be reinstated and maybe without evidence of insurability or new contestability period.

Lee

 

[Life Hawk]

Beware of people reaching out to you in private.

Sounds like you have been reading too many fortune cookies lately...

But... there is a good chance that one of the marketers here will attempt to recruit...

 

[goillini52]

Sounds like you have been reading too many fortune cookies lately...

But... there is a good chance that one of the marketers here will attempt to recruit...

I believe that Miss Kitty's a consumer.

 

[Life Hawk]

I believe that Miss Kitty's a consumer.

Yes... with a bright future in sales if you hangs around here too long.

 

[Allen Trent]

Hi,
I accidentally cancelled the autopayment so I haven't paid for my life insurance for a few months. Now my contract is lapsed. If I surrender and start another plan at other insurance companies, am I going to get a fine or interest for my previous unpaid payments? thanks!

What type of life insurance is it? Term, Whole Life, or Unversal Life? How long have you had it? If Whole Life, it may not have fully lapsed & may have become extended term & still have cash values.

In many cases, it may be best for you to apply to reinstate the current policy as the premiums were based upon your age when you 1st purchased.

Contact the insurance company & inquire on how to reinstate the policy