What happens if I miss a premium payment?

If you happen to miss a premium payment on your NY Life Insurance policy, don't worry. NY Life understands that life can be unpredictable and offers a grace period to make late payments without any penalties or policy cancellations. The length of the grace period varies depending on the type of policy you have. During this grace period, your policy remains active and you can make the payment to reinstate it. However, it is important to note that if the payment is not made within the grace period, your policy may lapse, resulting in a loss of coverage and potential financial consequences. To avoid this, it is recommended to contact NY Life's customer service as soon as possible to discuss your options and ensure your policy remains active.