What is required to reinstate a lapsed life insurance policy?

To reinstate a lapsed life insurance policy, the payment of all premiums and interest owed is required. When an insurance policy lapses, it typically occurs due to non-payment of premiums. To bring the policy back into force, the policyholder must settle any outstanding amounts, ensuring the insurer is compensated for the coverage that was not maintained. This reinstatement process reflects the contractual obligations between the insurer and the policyholder.

While proof of good health, completion of a new application, or a waiting period might be associated with reinstatement in certain contexts, they are not universally required in all scenarios. Some insurers may indeed require proof of insurability as part of their underwriting guidelines, but this is not an absolute requirement across all companies or policies. Likewise, the completion of a new application may be standard for certain policies but not necessary if the policyholder is simply reinstating their existing coverage. Thus, the key requirement remains the full payment of overdue premiums and any associated interest to reactivate the policy.