In some cases, policyholders may forget to pay their insurance premiums or may face financial constraints that prevent them from paying. When this happens, the policy lapses and the coverage is lost.
If your insurance policy has lapsed, there is an opportunity to reinstate it. It is highly recommended that you contact your insurance company and begin the process of reinstating your lapsed policy. The timeframe for reviving your policy varies depending on the policy type and the insurance company. Generally, you have up to two years to reinstate your lapsed policy by paying all of the missed premiums. However, please note that reinstating a policy may come with an accumulated interest on the overdue amount.
If you find this process complicated, feel free to reach out to us. We can help you understand your situation and assist you in reviving your policy or recovering your funds by surrendering the policy.