Insurance Law/lapsed policy


I have had a life ins. policy for only $6,750. with jc penney/stonebridge co.Due to unforseen health that led to financial issues caused a several month lapse, with a over $250. to reinstate.  I can't come up with that amount.  They told me I  can't get any money paid back or put towards another policy. I was told unless I pay full amount they won't reinstate and no refund on this policy that I paid on since 2000, and that it is lost. Is there anything I can do?  This policy had no cash value to borrow against of course.  I hate losing close to $3000.

Sounds to me like you had a term insurance policy, which doesn't leave you with many options if you let the policy lapse.  If you don't come up with the money to reinstate it, there really isn't anything you can do, and you really aren't losing $3000.  Without looking at the paperwork, it sounds like you have a insurance policy that is only good for a certain period of time.   Sorry, but I don't see anyway for you to get coverage if you don't pay the premium.


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I am a licensed Property/Casualty agent in the state of Wisconsin, a Certified Insurance Counselor and a Certified Insurance Service Representive, with a 15+ year background in personal insurance underwriting. I am currently working in the Homeowners and Auto field, and was licensed in Life and Health insurance years ago. I can provide input if you will give me a "one paragraph what`s the story", however depending on the situation, do note that as policy forms and endorsements vary by the state, the information may be general and educational in nature.


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