What is the reinstatement period and how long is the reinstatement period of insurance

The reinstatement period is the term of the general clause in the life insurance contract, that is, the time limit for allowing the policy to be repaid again after the policy becomes invalid due to arrears.

The following provisions apply:

1. The insured must provide evidence of insurability that satisfies the insurer. "Evidence of insurability"The meaning is more than"Be in good health"More broadly, including changes in occupation, the policyholder's financial situation, and other insurances.

2. The arrears of insurance premiums and their interest must be paid.

3. All insurance policies must be returned.

Pledged loans. Have not surrendered or converted the insurance policy into a term life policy.

It is advantageous for the owner of the insurance policy to exercise the right of reinstatement rather than to obtain a new insurance policy.

The reinstatement period is actually based on the grace period, because the grace period is missed, the policy is only suspended, not completely invalid, and the policy can be "resurrected" through the reinstatement period.

A suspended policy usually has 2 years to apply for reinstatement, and the policy will continue to be in force after the reinstatement is approved. However, if the reinstatement period is missed, the policy will be terminated completely.

Compared with the grace period, the reinstatement period of the policy is not as simple as "paying the money". The reinstatement of the policy requires a new application, or even a re-submission of the medical examination report, health notification, etc., and the waiting period also needs to be recalculated, and the whole process is almost the same as applying for a new benefit.

Moreover, during the waiting period for reinstatement, if there is an unfortunate accident, the insurance company will not pay.

The reinstatement period of the policy is two years, if the reinstatement period of two years has passed, the policy will become invalid, and you can only re-apply for insurance in order to enjoy the insurance protection. Therefore, if consumers do not want to lose their protection after successful application, they need to renew the policy within 60 days of the grace period for policy payment at the latest.

Insurance refers to the commercial insurance behavior in which the policyholder pays the insurance premium to the insurer in accordance with the contract, and the insurer bears the responsibility for compensating for the property loss caused by the occurrence of the accident that may occur as agreed by the insured, or the insured bears the responsibility of paying the insurance money when the insured dies, is disabled, sick, or reaches the age and time limit agreed in the contract. From an economic point of view, insurance is a financial arrangement for apportioning the loss of an accident;

From a legal point of view, insurance is a contractual act, a contractual arrangement in which one party agrees to compensate the other party for the loss; From a social point of view, insurance is an important part of the social and economic security system, and it is an "exquisite stabilizer" of social production and social life. from risk management.

From perspective, insurance is a method of risk management.

Reinstatement means that the lapsed policy can be re-effected, and the conditions for the policy to be reinstated are as follows: the policy has lapsed for no more than two years, the insurability certificate of the insured is submitted, and all outstanding premiums and interest are paid. If the policyholder goes out during the observation period during the policy reinstatement, the policyholder will not receive any compensation from the insurance company at all.

The new observation period is generally within six months after the policy is reinstated, and the insured will not be compensated for a critical illness during the insurance observation period. The policyholder is required to make a lump sum payment of the premium and interest owed during the lapse period of the policy, and the compound interest is calculated on a daily basis.

For the invalid insurance contract, the policyholder can apply to the insurance company for reinstatement, and after reaching an agreement with the insurance company, the invalid policy will be re-effective. There will also be a time limit for the reinstatement of the policy, which is generally applied for within 2 years, and the policy that does not apply for reinstatement after 2 years will be completely "dead".

However, reinstatement is also risky, and the reinstatement of health insurance needs to be re-informed, which may cause an increase, exemption or refusal of insurance due to poor health, and the reinstatement of the policy will recalculate the waiting period, and a certain amount of pure late fees need to be paid for reinstatement.

Policy reinstatement is a familiar business for policyholders, but any policyholder who forgets to pay the insurance premium can handle the policy reinstatement business within the specified time. The reinstatement of the policy is a two-year period during which the policyholder and the insurance company negotiate and reach an agreement on the resumption of the insurance contract.

Extended information: 1. What are the circumstances under which no claim will be made after reinstatement?

If the policyholder goes out of the policy during the observation period during the policy reinstatement, the policyholder will not receive any compensation from the insurance company at all.

The new observation period is generally within six months after the policy is reinstated, and the insured will not be compensated for a critical illness during the insurance observation period.

To put it simply, if there is a waiting period after the reinstatement, the claim may not be settled, because if there is a waiting period for the relevant insurance after the reinstatement, the insurance will only take effect after the waiting period. And critical illness insurance.

No claims will be made during the observation period after reinstatement, and will be covered by critical illness insurance.

The reinstatement of the policy will affect the outcome of the claim.

There is a certain amount of loss in applying for the reinstatement of the policy, but it is basically cost-effective. For policyholders who have renewed premiums for a longer term, the remaining renewal period of their policies is not very long. If the policyholder does not reinstate the expired life insurance contract, he wants to re-insure the insurance with the surrender money he received, which will definitely be even less cost-effective.