If my policy lapses or I cancel my policy, can I reinstate it?

Yes, you can! Here is some more information about reinstatement.

What is Reinstatement?

Life insurance reinstatement is the process of reviving a lapsed policy, giving you a second chance to maintain your coverage. If your policy has lapsed due to missed premium payments, reinstatement allows you to bring it back into effect. It's like hitting the 'reset' button on your coverage.

Cost and Eligibility

However, it's important to note that reinstating a lapsed policy involves paying not only the back premiums you owe but also accumulated interest. Often, this makes reinstatement more costly than simply re-applying for coverage. Additionally, you're only eligible for reinstatement if your policy lapsed within the last three years and you qualify for the same risk class as you did when you applied for your terminated policy.

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