Policy Reinstatment

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If my policy lapses, can I ever get it back?

Policy Reinstatment

If your insurance policy lapses as a result of non-payment of premium, you may not be permanently out in the cold. You can apply for policy reinstatement, which might allow you to reinstate your policy with the original Mortgage Protection Insurance Cost. Reinstatement is an attractive option for many because as they have increased in age, their Mortgage Protection Insurance Cost in a new policy has also increased.

When you attempt to reinstate a policy, you'll be asked to complete an application that discloses whether or not you've had a change in health since your policy was issued. In addition, you'll be asked to pay your past-due premiums and any penalty assessed by the insurance company. The underwriters will review your application for reinstatement and may approve it, as long as your health has remained stable. If your health has changed, you may be declined or assessed an additional premium charge.



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