Life Insurance Basics
What is a life insurance reinstatement?
A life insurance reinstatement is the process of restoring a lapsed policy to active status. To reinstate a policy, you typically must pay all overdue premiums with interest, provide evidence of insurability (medical underwriting), and reinstate within a specified period (typically 2-5 years after lapse).
Key Points
- Reinstatement: restore a lapsed policy to active status
- Pay all overdue premiums with interest
- Provide evidence of insurability (medical underwriting)
- Reinstate within a specified period (typically 2-5 years after lapse)
- An independent agent can help you evaluate reinstatement vs. new policy