|
|
Believe it or not
<After having major heart surgery, a pacemaker, Marfan Syndrome, and a hernia operation find out what happened when I applied for reasonably priced term life insurance.
|
Read my story about getting an online term life insurance quote.
|
|
|
|
Life Insurance Contract Reinstatement
|
|
|
This clause permits an insured who failed to pay his premiums on time, and whose life insurance contract expired, to reinstate the life insurance contract within a period of time (usually 3 years).
However, you must provide evidence of insurability.
This is an important clause.
At some point in the future, when the insured wants to reinstate the old policy or take out a new one, the new contract may not have terms as favorable as the old one.
Therefore, one would want to reinstate the old contract. On the other hand, the new contract might have more favorable terms than the old one.
In this case, the insured would take out a new policy. These two alternatives should be examined carefully should this ever occur.
Remember, with the old contract, the suicide clause and the incontestable clause might have passed with time.
Taking out a new policy would require the insured to go through these periods again.
|
|
|
|
