What Is A Life Insurance Lapse Notice Letter?
According To The American Bar Association A Life Insurance Lapse Period, Is Described As Follows:
“Lapse of a life insurance policy often leads to litigation seeking either death benefits or reinstatement. Life insurance lapse generally refers to coverage ending for insufficient or nonpayment of premiums. Insufficient premiums can cause lapse of a life insurance policy when applicable monthly mortality, fees, and expenses exceed the policy’s cash value. Nonpayment of premiums can cause a life insurance policy to lapse when the policy has no cash value and the premiums are not timely paid.
After the lapse of life insurance, the insured can apply for reinstatement. Reinstatement typically requires submission of an application and involves putting the lapsed policy back in force on the same terms and conditions. Most policies impose a time limit on reinstatement requests and typically require proof of insurability “satisfactory to” the insurer. Reinstatement after death generally is not an option.”
Read More: American Bar Association
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