Insurance: stop a policy from lapsing
Health, homeowners, auto, and especially life and long-term-care policies
Who to call
The insurer's policyholder-services number, from a statement, policy document, or the insurer's website.
Before you call
- Have the policy number if you can find it (a premium line on a bank statement also helps)
- Have the policyholder's name, address, and date of birth
- Be ready to make a premium payment by phone if one is overdue
What to say
“The policyholder is hospitalized and the family is making sure their policies stay in force. Can you tell me whether this policy is current, and when the next premium is due?”
“Is the policy in its grace period? I'd like to make the payment right now by phone so it doesn't lapse. Can you also note the medical circumstances on the account?”
“Does this policy have a waiver-of-premium provision for disability or hospitalization? And can we add a secondary addressee so a family member is notified before any future lapse?”
Good to know
- Long-term-care and life policies are the most dangerous to let lapse — they may be impossible to get back.
- Most life/LTC insurers let you designate a "secondary addressee" who gets copied on lapse warnings. Do this.
- A long-term-care policy may actually pay for the care being arranged right now — ask how to start a claim.
Do this together, with the free app
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