Can I renew my policy now?

by umam » Sat Apr 20, 2013 05:47 am
Posts: 1
Joined: 20 Apr 2013

Yearly plan.Due date was Jan 6th.Grace period is 30 Days.I cud'n pay the premium on time.Can I renew my policy now?

Total Comments: 6

Posted: Mon Apr 22, 2013 06:22 am Post Subject:

In case there is such provision, and the policy has sufficient cash value, the insurance company will automatically pay your overdue premium by taking a loan against the policy's cash value. This will keep your policy in motion, but you need to pay interest on this loan.

Posted: Mon Apr 22, 2013 06:49 am Post Subject:

Thanks allot for your valuable information....

Posted: Mon Apr 22, 2013 08:12 am Post Subject:

You are most welcome! Still, consult your insurance agent or an expert since I'm not an insurance professional.

Posted: Fri Apr 26, 2013 10:25 am Post Subject:

Yes i think you renew but once you should also confirm from your insurance company

Posted: Tue Apr 30, 2013 01:17 pm Post Subject:

Definitely contact your agent. Depending on the company, they might have provided extended term, or reduced paid-up coverage. This all depends on the type of policy it is (term, whole, universal life). Reinstatement may also require a formal reinstatement that might require underwriting again.

Posted: Tue Apr 30, 2013 01:19 pm Post Subject:

Sorry just saw that your plan was yearly. I take it then it's term, so there will not be cash value, extended term, or reduced paid-up. Unless you meant that your premium is annual for a permanent policy.

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