What is the difference between life insurance reinstatement and revival?

UPDATED: Jun 22, 2010

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UPDATED: Jun 22, 2010Fact Checked

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Asked June 22, 2010

1 Answer

These terms are identical in meaning. In both cases, the insurance policy has gone inactive or a notice of intent to cancel has been issued, and then the policy has been brought up to date. No matter which term is used, the policy has been returned to its active status, and will remain there as long as the premiums are paid in full and on time.

Technically, an insurance reinstatement comes after the policy has been suspended and is pending cancellation. An insurance policy revival comes when a past due premium has been paid and the account is no longer considered inactive. As you can see, there are minor differences between the two, but they both apply to a similar situation.

By way of setting the two terms apart, revival is more often used in relation to term life policies that have become inactive, and reinstatement is applied to whole life policies that, likewise, are inactive. This difference is not always adhered to, and either type of policy could have the other term applied, depending on the policy and procedures of the insurance company itself.

Answered June 22, 2010 by Anonymous

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