What happens if I miss a premium payment?

If you miss a premium payment for your New York Life Insurance policy, the consequences may vary depending on the specific policy and its terms. Generally, there is a grace period after the missed payment during which you can still make the payment without any penalties or policy lapse. However, if you fail to pay within the grace period, your policy may lapse or be at risk of termination. This means that you may lose the insurance coverage and the benefits associated with it. Additionally, reinstating a lapsed policy may require meeting certain conditions and paying any outstanding premiums or interest. It is crucial to contact New York Life Insurance Company promptly to discuss your situation and explore available options to prevent any interruption in coverage.