Get ready to reinstate your life insurance policy.
Today's topic is how you can reinstate your life insurance policy.
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Till now we have talked a lot about a lapsed life insurance policy.Then we discussed different reasons why a life insurance policy lapses.We concluded that a policy lapses mainly when the policy holder do not have the will to pay the premiums well in time.Those who have the will to protect and secure their loved ones pay the premiums when these are due.They some how mange the funds because they understand the importance of financial planning.They know how important for them a life insurance policy is.So they never let their life insurance policy lapse.
Right now in this post we will discuss if due to one reason or the other your insurance policy lapses then what you need to do.
First things first .
Fetch your policy bond or insurance contract.You would have seen this contract many times before.Did each time toy studied it minutely?I guess NOT.Any way now the time has come.Your life insurance policy has lapsed and mow you want to reinstate this lapsed policy.The insurance contract has different clauses.These clauses tell you in detail about your rights and liabilities.
If you are unable to understand the legal language of the contract your insurer.Your insurer will give you different options.You may select any option which is most economic and suits you most.
One more better option is contact the person who sold you life insurance policy.Take him into confidence and discuss your financial problems with him.He is an expert.He will find out some solution of your problem.
Please click,share and feel the experience of sharing .Thanks
Web Administrator
Till now we have talked a lot about a lapsed life insurance policy.Then we discussed different reasons why a life insurance policy lapses.We concluded that a policy lapses mainly when the policy holder do not have the will to pay the premiums well in time.Those who have the will to protect and secure their loved ones pay the premiums when these are due.They some how mange the funds because they understand the importance of financial planning.They know how important for them a life insurance policy is.So they never let their life insurance policy lapse.Right now in this post we will discuss if due to one reason or the other your insurance policy lapses then what you need to do.
First things first .
Fetch your policy bond or insurance contract.You would have seen this contract many times before.Did each time toy studied it minutely?I guess NOT.Any way now the time has come.Your life insurance policy has lapsed and mow you want to reinstate this lapsed policy.The insurance contract has different clauses.These clauses tell you in detail about your rights and liabilities. If you are unable to understand the legal language of the contract your insurer.Your insurer will give you different options.You may select any option which is most economic and suits you most.One more better option is contact the person who sold you life insurance policy.Take him into confidence and discuss your financial problems with him.He is an expert.He will find out some solution of your problem.
Remember each insurer has its own policy to reinstate a lapsed reinsurance. policy.
Now we will discuss how STATE LIFE INSURANCE CORPORATION OF PAKISTAN reinstates a lapsed policy.
4.Revival of Lapsed Policies
Now we will discuss how STATE LIFE INSURANCE CORPORATION OF PAKISTAN reinstates a lapsed policy.
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A lapsed policy may be considered for revival by State Life, upon receipt
of evidence, free of cost and satisfactory to State Life that the life
insured is eligible for life insurance. Depending on the duration of
lapse, State Life may either require a declaration of good health by
the life insured, his/ her personal statement or his/her full medical
examination report. In any case, State Life may require other reports
if deemed necessary. In addition, all arrears of premium together with
profit or return (however called or described) to date at a rate determined
by State Life from time to time, must be received by State Life before
revival of a lapsed policy can be considered. State Life reserves the
right to decline or defer revival of a lapsed policy or to offer revival
on modified terms. A policy lapsed for more than five years will not
be considered for revival.
Source:http://www.statelife.com.pk/html/terms_conditions.htm#4
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A lapsed policy may be considered for revival by State Life, upon receipt of evidence, free of cost and satisfactory to State Life that the life insured cheap life insurance
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