The dangers of a lapsed life insurance policy.Well dear visitor! Our web author is again with you.Right now he wants to discuss another very important topic related with your life insurance policy.When people buy a life insurance plan they are very enthusiastic and dedicated to protect and secure their families.But at some stage of their term they decide not to pay the premiums.This is why their policy remains no more in force and attains the status of a LAPSED POLICY.In today's post we will focus our attention on the potential dangers of a LAPSED LIFE INSURANCE POLICY.
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We have staled this many times before that your life insurance policy is a very valuable asset for you,your family and for all those who depend upon you.When you purchase a life insurance policy in fact you make a very wise decision.You are very enthusiastic to protect and secure your family.Your want to save a lot of funds for your old age.You want that your dreams should come true.However when you do not make payments of your premiums when these are due,the life insurance policy lapses.Now no more protection,no more security is available to you.Your dreams are shattered.You purchased a protection with great enthusiasm and dedication and then you lost it.You loose all the benefits particularly if your policy lapses in the in the first two years of it's terms.Once your policies lapses NO BENEFIT is payable to the beneficiaries if you you are no more in the world. If your policy lapses you have few more potential dangers.When you will ask for a new life insurance policy you will have to declare your old lapsed policy.If you have such multiple lapsed life insurance policies the insurer may demand higher rates of premiums.In certain cases the insurer may even refuse to insure your life.If your policy lapses and you again want to have same protection and security,you must REINSTATE it's old status.You will have to approach your insurer.look at your policy bond or insurance contract.There is usually a clause by which a lapsed insurance policy can be reinstated.if there are few conditions you will have to full full those conditions.No insurance company is happy when any life insurance policy lapses.It is a loose loose situation for every one. you loose,your family loose and life insurance company looses a lot.It is unable to deliver protection and security and looses the confidence of its policy holders.Even your reputation is at stake.you are an undesirable,unwanted client.You are a monetary risk.Such lapsed policies spoil the life insurance industry. 
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You loose all the benefits particularly if your policy lapses in the in the first two years of it's terms.Once your policies lapses NO BENEFIT is payable to the beneficiaries if you you are no more in the world. life insurance rates for seniors
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