Reader’s Question:

For the past weeks and failed to pay the premium of my life insurance, Please enlighten me, what will be the fate of my insurance policy?

Dave

Evansville, IN

Very interesting…and you are not the only person who has this kind of problem. Normally an insurance company sends a 30 day grace period to their client to pay the premium, but other insurance company is very strict with lapsed payment. If you failed to answer your obligation to your insurance company with in the 30 day grace period then your policy will really lapse.

Problems like this which escalate are really primarily issues of miscommunication to it is best that you let your local ins urer in Evansville, Indiana IN of your intention to pay within the grace period, otherwise your insurance will be considered lapsed and might be irreversible over the grace period.

It would be best too if you document all your communications with your ins urer if you plead for extension, as this will support your ocntention of a granted extension, if any. You do not want to put to waste anything that you might have paid in the past, so it is best to communicate everything properly to your insurer.

If you are having problems with your policy especially paying it, contact your insurance agent ask some advice from them they are more willing to help you. Most of the time they will suggest some solutions that is effective.

Tags: lapsed insurance, premiums grace period