What happens if I miss a premium payment for my life insurance policy?

If an individual misses a premium payment for their life insurance policy with Ameritas Life Insurance Company, several important factors are typically at play. Generally, most life insurance policies include a grace period, which is a stipulated time frame during which a policyholder can make the missed payment without losing coverage. This grace period usually lasts for about 30 days, but it can vary depending on the specific terms of the policy. If the payment is not made within the grace period, the policy may enter a lapsed status. A lapsed policy means that the coverage is no longer active, and the policyholder is not covered in the event of a claim. However, Ameritas might offer options for reinstating the policy, which usually involves paying the missed premiums along with any applicable interest. It is also important for the policyholder to check if their policy has any cash value, as this might be used to cover premiums temporarily. To understand the specific implications and options available for a missed payment, it is advisable to review the policy documents or consult the company’s resources. For any clarification regarding individual circumstances, visiting the current Ameritas website may provide additional information and contact details.