Bridge Term Advisor Guide
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Policy lapse and reinstatement
Policy lapse
If Clients don’t pay their required premium amount within 31 days after it’s due, the policy will lapse. Clients will need to make the required payment to prevent the policy from lapsing.
Reinstatement
Once the policy has lapsed, Clients may apply to put it back into effect. To reinstate the policy, the Client must:
- apply before the expiry date of the policy
- provide Sun Life with new evidence of insurability for all insured persons that Sun Life considers satisfactory
- pay all unpaid premiums, plus accrued interest, up to the date the policy is reinstated
If the application for reinstatement isn’t approved, we’ll refund the amount paid with the application to reinstate the policy.