If an individual misses a premium payment with Sun Life Financial, several steps may follow. First, a grace period is often provided, allowing a specified amount of time for the payment to be made without affecting the coverage. The length of this grace period can vary depending on the specific policy. During this time, the policyholder retains their coverage.
If the payment is not made within the grace period, the policy could lapse, meaning the individual may lose their insurance coverage. However, there may be options available to reinstate the policy, typically involving the payment of any missed premiums and possibly providing proof of insurability.
It is important for policyholders to review their specific policy details, as terms and conditions can differ. For the most accurate and personalized information, it may be beneficial to refer to the documentation provided by Sun Life Financial or visit their official website.
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