Can I renew my policy now?

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PostPosted: Sat Apr 20, 2013 5:47 am   Post subject: Can I renew my policy now?  

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?

umam
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PostPosted: Mon Apr 22, 2013 6:22 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.


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MangoQurious
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PostPosted: Mon Apr 22, 2013 6:49 am   Post subject:   

Thanks allot for your valuable information....


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uma
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PostPosted: Mon Apr 22, 2013 8:12 am   Post subject:   

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


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PostPosted: Fri Apr 26, 2013 10:25 am   Post subject:   

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

skt1234
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PostPosted: Tue Apr 30, 2013 1:17 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.

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PostPosted: Tue Apr 30, 2013 1:19 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.

msoulard
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