What happens if I miss a premium payment?

If a customer misses a premium payment for a MetLife insurance policy, several important consequences may arise, depending on the specific terms of the policy and the type of coverage held. Generally, the first consequence is that the policy may enter a grace period, which is a set timeframe during which the insured can make the payment without losing coverage. This grace period typically lasts for about thirty days, but it is advisable to check the individual policy for specific details. If the premium is not paid by the end of the grace period, the policy may lapse, meaning that the insurance coverage will be terminated. This could result in the loss of benefits and protection that the policy provides, and any claims made after the lapse would usually not be honored. Some policies may have options for reinstatement, which allows the policyholder to restore their coverage after it has lapsed, often requiring payment of the overdue premium along with additional fees. It is important for policyholders to stay informed about their premium due dates and to read the policy documents carefully to understand the terms and potential penalties associated with missed payments. For specific inquiries regarding individual policies, one may want to refer to the MetLife website for more detailed information.