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Reinstatement refers to the process of restoring a lapsed insurance policy to its original terms and conditions. This typically occurs when a policyholder fails to pay premiums on time, causing the policy to lapse.
By reinstating a policy, the insured can reactivate their coverage, ensuring continued protection. However, it’s important to note that any incidents or claims that occurred during the lapsed period will not be covered.
To reinstate a policy, the policyholder often needs to meet specific requirements, such as paying overdue premiums, interest, and possibly providing evidence of good health (in the case of life insurance).
The reinstatement process can be beneficial for policyholders who unintentionally let their policy lapse. It allows them to regain coverage without having to go through the process of applying for a new policy.
At PSIC, we understand that life can sometimes take unexpected turns. Policies may lapse due to unforeseen circumstances. While we can’t cover any events that occurred during the time your policy was inactive, in certain situations, we may be able to reinstate it.
Reinstatement can help you regain the peace of mind that comes with having insurance coverage. However, it’s important to note that it may have some limitations and additional costs. For instance, you might need to pay past-due premiums or interest.
To determine your eligibility for reinstatement and to understand any potential costs or restrictions, we recommend reaching out to your insurance agent. They can provide personalized guidance and help you navigate the reinstatement process.
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