What is one of the requirements for reinstating a lapsed life insurance policy?

One of the primary requirements for reinstating a lapsed life insurance policy is the payment of overdue premiums. When a policy lapses, it typically means that the policyholder has not made the necessary premium payments for a certain period. To restore the policy to active status, the policyholder must pay any premiums that were missed during the lapse. This ensures that the insurance coverage can be reinstated, and it demonstrates the policyholder's commitment to maintaining their insurance protection.

This requirement is critical because without the payment, the insurance company is not compensated for the risk it assumes by providing coverage. Additionally, the terms for reinstatement may vary among insurers, but making up the overdue payments is a common and essential step in the process. Other factors, such as a medical report or a new application, may be part of the reinstatement process under certain circumstances, but the immediate and necessary action is to address the overdue premiums.