What is required for reinstatement of a lapsed insurance policy?

For reinstatement of a lapsed insurance policy, the payment of all past-due premiums is typically required. When a policy lapses, it means that the policyholder has failed to make the necessary premium payments. To bring the policy back into force, they must pay the premiums that are owed. This ensures that the insurer receives the financial compensation necessary to cover the risk associated with the policy.

Additionally, reinstatement may also involve other requirements, such as providing proof of insurability or submitting a new application, depending on the insurer's policies and the length of time since the policy lapsed. However, the primary requirement that guarantees the policy is active again is the payment of all past-due premiums. A waiting period is generally not a standard requirement for reinstatement.