Things to know about reviving a lapsed insurance policy

A life insurance policy lapses when the due premium has not been paid even within the grace period. A lapsed policy means that the benefit of insurance will not be available to protect the financial interest of the dependants in the event of the death of the insured. A lapsed cover can be revived by the policyholder during the period allowed by insurer before its maturity. The procedure for revival depends on the type of policy and the duration of its lapse.   http://www.myallagents.com/Things-to-know-about-reviving-a-lapsed-insurance-policy/details.html