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Most policies have a built in Lapse clause. For example, in CA, if you lapse a policy (ie don't pay it for 31 days past the due date), the policy is in "lapse" status. If lapsed, then the company won't pay a death benefit if the insured dies. However, in CA, a lapsed policy can be reinstated for up to 5 years provided that the insured party has not died and is still insurable (per the company's determination). To reinstate, you would need to pay all premiums that were missed plus interest.
For whole life and universal life policies, because they have a cash value, often a policy premium can be skipped temporarily or for a period of time without lapsing. Most companies will do this automatically if you are late on a premium.
Feel free to ask more.
Brian Lombardo, CPA, Agent
What else can I help you with?
What are the different kinds of life insurance available?
The main types of life insurance are term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specific period, while whole life insurance offers coverage for your entire life. Universal life insurance combines a savings component with a death benefit.
What is prudential life insurance?
Prudential is itself a life insurance company. Therefore, Prudential life insurance is nothing but life insurance that is provided through this company.
What are some options for a cheap life insurance plan?
Some options for a cheap life insurance plan include term life insurance, group life insurance through an employer, and guaranteed issue life insurance.
Topics for life insurance?
Here are some topics for Life Insurance: What is life insurance? How does life insurance work? What are the different types of life insurance? What are the top life insurance companies? How do I get the best price on life insurance? What is a beneficiary? How can I save money on life insurance?
Is an annuity a type of life insurance?
Yes an annuity is a life insurance product. Its kind of like the opposite of life insurance.
Can the insurance company suspend your license?
No
Can an car insurance company suspend a drivers license in Texas?
No. A drivers' license is issued by the DPS and only the DPS - or a court - can suspend someone's license. However, if Texas requires insurance and you don't have it, if an insurance company notifies DPS that you don't have insurance, then DPS could suspend your license.
If your car insurance gets cancelled what is the penalty for not having insurance on your car?
your insurance co will notify the DMV and then can suspend your license
Can an car insurance company suspend a drivers license in Florida?
they cannot suspend you, only a court and the police can, however, they can refuse to insure you.
Can you suspend your auto insurance?
No, You can't suspend your coverage, but you can cancel the policy if you don't need it right now and then purchase it again when you do need the coverage.
If you can't afford to pay traffic violation in cou rt what do they do?
In NSW Australia they suspend your drivers license and suspend your compulsory third party insurance
Can insurance company suspend license if they paid for car repair?
An insurance company cannot suspend your license, period. Only the government can do that. What they can do is refuse to insure you. In practical terms, this may amount to the same thing, since most states make it illegal to drive without insurance (or some other proof of financial responsibility, such as a bond).
Can the state Florida suspend your drivers license if you have no auto insurance?
If you are caught driving an un-insured car: YES
What if you had no insurance at the time of your accident?
If you have no Insurance there State law reqired but if you got into an accident. and no Insurance if State Trooper or City Police finding you have no Insurance it can be Serious Suspend your license. And you Polly face Court for no Insurance. Can cause High Insurance. my suggest is get an Insurance there is alots good insurance that you can find out such like Geico, etc. Good Luck.
Do you need a will for life insurance?
You do not need a will for life insurance. I don't have a will, but I have life insurance. ;)
What kind of cases do life insurance lawyers in Wichita, KS handle?
The following are the types of life insurance lawyers in wichita •Life Insurance for Smokers •Life Insurance for NonSmokers •Business Life Insurance •Universal Life Insurance
What products does AAA Life Insurance Company offer?
AAA Life Insurance offers three main types of life insurance policy these include Whole Life insurance, Term Life Insurance and Universal Life Insurance.
