What Does It Mean When Your Life Insurance Lapses & They Are Going to Return Your Remittance?

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When your life insurance lapses, you may find out that the company involved is going to return your remittance. Find out what it means when your life insurance lapses and they are going to return your remittance with help from the managing partner at an insurance organization in this free video clip.

Part of the Video Series: Business Insurance & Finance
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Video Transcript

Hi, my name is Mitchell Smith, managing partner of Universal Insurance Services and Universal Partners. Today, we're going to talk about what does it mean when your life insurance lapses and they are going to return your remittance. Lapsing your life insurance and getting a remittance back typically means that you've literally not paid the premium or the values inside the policy have been exhausted. When this happens, typically you'll get a notice from the carrier. They'll usually give you an extra 30 days beyond the notice so if you've received a notice and you're thinking oh no, I've lost my life insurance, it may not be true. Typically you have that extra 30 days so contact the insurance company to find out. However, if it has lapsed, you will need to purchase new life insurance if that's something you require. It will not affect you buying new life insurance. Once that policy is gone, you no longer have it and it won't affect other companies when they look at you for life insurance. But try to keep track of your premium payment and avoid lapses because buying a new policy will be dependent upon your medical condition and it could be that you may not be able to get a new one. Thanks for watching today's discussion on what does it mean when your life insurance lapses.

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