To reinstate a life insurance policy, you must first procure a reinstatement form from the life insurance company, or from the agent who sold you the policy. It will ask a lot of health questions, because being eligible for reinstatement requires that your health has not deteriorated since you took out the original policy.
After you send that completed form back to the insurance company, it can take several weeks for them to review it, and decide whether or not you are allowed the reinstatement of your life insurance policy.
If they say yes, you must pay all the premiums back to when the policy lapsed, to catch it up to the present. Your life insurance policy will be reinstated exactly to what it was when you first bought it.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
A few points to remember here: 1) initially, reinstatement does not require medical underwriting. This is your incentive to move quickly in case your health has changed. 2) after this initial phase, medical underwriting may be required. You will then have to determine whether or not this carrier would give you the best deal. Perhaps another carrier would make a better offer.
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After you send that completed form back to the insurance company, it can take several weeks for them to review it, and decide whether or not you are allowed the reinstatement of your life insurance policy.
If they say yes, you must pay all the premiums back to when the policy lapsed, to catch it up to the present. Your life insurance policy will be reinstated exactly to what it was when you first bought it.