Elapsed life insurance policy

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Elapsed life insurance policy

My father paid for $100,000 life insurance for 12 years. My father got sick and was in a nursing home this past year and for the first time he did not pay the annual fee in August and the policy lapsed in October. My father passed away on the 5th of March and I’d like to know what I can do my father actually paid on this policy for 12 years

Asked on March 19, 2017 under Insurance Law, California

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Unfortunately, if payment was not timely made on the policy, then its lapse was legal. While typically, a month or so is grace period is given in which time late payments can be made up, 6 months would most likely be too long of a gap. Bottom line, although your father paid on the policy for 12 years, once payment was not timely received when due, it lapsed and was no longer of force and effect.


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