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Forum
-> Household Management
-> Finances
amother
OP
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Sun, Sep 15 2019, 12:34 am
Yikes what do I do now? I thought I made a payment. Been on time the last bunch of years. Just made the payment online. It’s john Hancock if that matters. Termination date was 9/11/19. Now what? Don’t know what to do!!
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amother
Azure
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Sun, Sep 15 2019, 12:37 am
amother [ OP ] wrote: | Yikes what do I do now? I thought I made a payment. Been on time the last bunch of years. Just made the payment online. It’s john Hancock if that matters. Termination date was 9/11/19. Now what? Don’t know what to do!! |
Call your agent.
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amother
OP
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Sun, Sep 15 2019, 12:40 am
amother [ Azure ] wrote: | Call your agent. |
I’ll call him Monday morning when he reopens. Will I be able to reinstate?
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JoyInTheMorning
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Sun, Sep 15 2019, 1:07 am
amother [ OP ] wrote: | I’ll call him Monday morning when he reopens. Will I be able to reinstate? |
It usually expires after a one-month grace period. It once happened to me. I called my life insurance agent; he scolded me, but he let me reinstate. Possibly that is because I had not only a term policy, but also a whole-life policy, which is much more lucrative to the agent. (And by the way, yes, I would have been much better off investing the money in stocks or bonds or a college fund than in a whole-life policy. Do not do what I did.)
If you are not allowed to reinstate, you can probably repurchase. It may be at higher rates due to your age, but it is not like you are out of options.
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amother
Vermilion
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Sun, Sep 15 2019, 1:10 am
JoyInTheMorning wrote: | It usually expires after a one-month grace period. It once happened to me. I called my life insurance agent; he scolded me, but he let me reinstate. Possibly that is because I had not only a term policy, but also a whole-life policy, which is much more lucrative to the agent. (And by the way, yes, I would have been much better off investing the money in stocks or bonds or a college fund than in a whole-life policy. Do not do what I did.)
If you are not allowed to reinstate, you can probably repurchase. It may be at higher rates due to your age, but it is not like you are out of options. |
I'm with mass mutual, and there is an automatic grace period for 30 days. Hope you have the same.
Good Luck!
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amother
OP
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Sun, Sep 15 2019, 1:29 am
amother [ Vermilion ] wrote: | I'm with mass mutual, and there is an automatic grace period for 30 days. Hope you have the same.
Good Luck! |
30 days from lapse?
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JoyInTheMorning
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Sun, Sep 15 2019, 1:41 am
amother [ OP ] wrote: | 30 days from lapse? |
No, thirty days from the time the premium is due. I am assuming your premium was due August 11 or 12?
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amother
OP
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Sun, Sep 15 2019, 1:45 am
JoyInTheMorning wrote: | No, thirty days from the time the premium is due. I am assuming your premium was due August 11 or 12? |
Yes I’m so upset
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amother
Khaki
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Sun, Sep 15 2019, 1:47 am
We had that once. They made us fill out paperwork but at the end they reinstated us.
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