I CANCELLED MY TERM LIFE INSURANCE 10 YEARS AGO CAN I REINSTATE IT TODAY FOR THE SAME PREMIUM PRICE TODAY?
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Asked September 11, 2017
If the policy was cancelled 10 years ago, it is unlikely that you will be able to reinstate it for the same premium price today. The insurance company will probably require that you go through the medical underwriting process before they agree to insure you again, and a major factor in underwriting is age. The older you are, the higher the risk you are for the insurance company, so because you are older now than you were when you originally purchased the policy, it is likely that they will require a higher premium payment to insure you again. If you still have a copy of your old policy, it would be a good idea to read through it and see what the provisions for reinstatement are, if there are any. You can also call the insurance company, and they should be able to answer any specific questions you may have.
Answered September 12, 2017 by ronanona