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Should you revive your expired life insurance policy?

The Covid-19 pandemic highlighted the importance of life insurance, 

Yet many people may have missed out on their premium payments due to many reasons including inattention to the need for insurance, unemployment, etc.

Missing out on premium payments does not spell complete policy lapse as insurance companies allow a leeway to their customers to seek revival of their policies.

To reactivate a term plan, the insurer gives a grace period of 15 days if you pay the premium in monthly instalments and a grace period of 30 days if you pay the premium quarterly, half-yearly, or yearly. 

It is important to check policy exclusions as a reinstated policy may impose new terms and conditions, especially on exclusions and pre-existing conditions. 

Technology has made it possible for you to buy insurance online, thus, cutting down on the cost of the policies. 

It is best to revive policies bought a long time back, say 10-15 years back since premiums of new age policies would be much more than what insurers charged a decade back.

You must consider the charges, coverage amounts, and riders before deciding whether to revive a lapsed policy or buy a new one. 

Click here to know more about reviving  
your expired life insurance policy. 
 

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Whether to revive your old life insurance policy or buy a new one is a question that has no straightforward answer. Spoiled for choices, today’s policyholders seek more from the plans that they pay for. This explains why you must look beyond costs before making your choice. 

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Should you revive your expired life insurance policy?

Whether to revive your old life insurance policy or buy a new one is a question that has no straightforward answer. Spoiled for choices, today’s policyholders seek more from the plans that they pay for. This explains why you must look beyond costs before making your choice.

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