Disability Insurance | When you miss a payment
Oct 23, 2014
Jamie Fleischner

Jamie Fleischner

23 Oct, 2014

What happens to your disability insurance policy when you miss a payment? Perhaps you moved and never received the bill or you changed banks without notifying the company.

You have a 30 day grace period on all payments before the policy goes into pending lapse.

Once you exceed the 30 day period, you may have the option to go through reinstatement. This requires new medical underwriting and to repay all premiums that were previously due. This can especially be a problem if you have had an adverse change in health.

To avoid missing payments or losing your coverage, be sure to notify your broker or the company of any address or bank changes.

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Getting the right disability insurance can be downright confusing. At Set For Life, we'll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we're happy to walk you through it! If you're ready to get set, reach out for a quote today!