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What is a lapse in life insurance? When you buy a life insurance policy, the life insurance company’s obligation to pay out to your beneficiaries is contingent upon whether you (the insured) paid the premium. A lapse in coverage will occur if there’s a non-payment of the premium, resulting in the life insurance company NOT paying your listed beneficiaries.
If you have a life insurance policy that has lapsed due to non-payment of the premium by the life insurance company, it’s time to take action. Laws that control payment lapse or termination for the non-payment of premiums are updated quite frequently. This requires the life insurance companies to update their contracts and procedures, but sometimes they fail to do so promptly. Often, a lapse happens due to no fault of the insured. Lapse often occurs when the life insurance company cancels the insurance policy in error or an administrator for an employer-provided group life insurance failed to follow the law and processes.
There are two steps to take if your life insurance claim was denied due to the non-payment of the premium:
If you’re aware of a lapse in your life insurance policy, be diligent and get the issue handled right away. In the event of your death during this time, you’ll leave your beneficiaries with the headaches in trying to obtain the money that would’ve been easily available to them to pay for any arrangements and money that you wanted them to have in general.
If you or a loved one are experiencing a lapse in life insurance, we encourage you to follow the steps above. With our extensive knowledge and expertise, you will have legal representation that you can trust. At Fulmer Sill, all initial consultations are free, and we don’t charge any up-front fees for representation. We handle all fees on a contingency basis, meaning that unless we’re successful, you don’t have to pay us. Please contact us today at (405) 510-0077 !