If I forget to pay my life insurance premium and the policy lapses, is there anything I can do?

 A life insurance policy must provide for reinstatement of the policy within three years from date of default, unless the cash surrender value has been exhausted or the period of extended insurance has expired, if you complete an application and show that you are in good health to the satisfaction of the insurer. In addition, you will be required to pay all the overdue premiums with interest (not to exceed 6%) and pay or reinstate your outstanding loans at the applicable policy loan interest rate.

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Life Insurance Resource Center
Comprehensive information about life insurance from the Insurance Department's Life Insurance Resource Center
URL: http://www.dfs.ny.gov/insurance/clife.htm