life insurance question

UPDATED: Jul 1, 2009

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life insurance question

i hae a life insurance po;icy i have been paying into for 30 years. i missed two payments, now they say i have to fill out paperwork to be reinstated, is this usual

Asked on July 1, 2009 under Insurance Law, Massachusetts


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Yes, it is.  I am not admittedin Massachusetts but you should have gotten a Notice of Cancellation after you missed your first payment that gave you a grace period to pay the premium and be reinstated.  It is usually a 30 days grace period but each state can make their own law as to the amount of time. 

You say that you have been paying in to your policy for 30 years.  Is it a whole life policy?  If it is there may be a mechanism for it to "pay itself" a premium.  Find out once you have done what is necessary for the policy to be reinstated.  Good luck.

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