What happens if I miss a premium payment?

If a premium payment is missed for a policy issued by CMFG Life Insurance, several actions may follow depending on the specific terms of the policy and the grace period provided. Typically, insurance policies offer a grace period during which the policyholder can make a payment without facing any lapse in coverage. This grace period usually ranges from 30 to 60 days, although it can vary by the type of policy and state regulations. During this grace period, the policyholder remains covered, and the missed payment does not immediately result in any penalties or loss of benefits. However, it is important for the policyholder to make the payment within this timeframe to avoid potential complications. If the payment is not made after the grace period expires, the policy may lapse, which means that coverage will end, and the policyholder may lose all benefits associated with the policy. Additionally, CMFG Life Insurance may permit the reinstatement of a lapsed policy under certain conditions, which typically includes paying the overdue premiums, and sometimes, providing evidence of insurability. This reinstatement process can vary, so reviewing the specific policy terms is important for policyholders. For more personalized information regarding specific policy terms, including what steps should be taken after a missed payment, interested individuals should look on the current web page for CMFG Life Insurance, where they can find relevant contact information and resources.