What happens if I miss a premium payment?

If a policyholder misses a premium payment to New York Life Insurance Company, the consequences can vary depending on several factors, including the type of policy held, the payment schedule, and how long the policy has been in effect. Generally, life insurance policies have a grace period, which typically lasts for thirty days. During this time, the policyholder can make the missed payment without any penalties or loss of coverage. If the payment is not made during the grace period, the policy may lapse. This means that the coverage will terminate, and the policyholder will no longer be protected under the terms of the policy. However, if there are sufficient cash values in a permanent life insurance policy, the policy may remain in force for a period of time using those values to cover the premium costs. It is important for the policyholder to be aware of their specific policy details, such as the terms of the grace period and any potential for reinstatement. If a policyholder wishes to reinstate a lapsed policy, they will typically need to complete a reinstatement application and may be required to pay any overdue premiums alongside potential interest. Often, medical underwriting is also required. For further details on how New York Life Insurance Company specifically handles missed payments and lapses, it might be helpful to refer to their official website or look for contact information there to discuss individual circumstances with a representative.