What happens to my life insurance policy if I miss a payment?

If a policyholder misses a payment on their life insurance policy with Jackson National Life Insurance, a few different outcomes may occur depending on the specific terms and conditions of the policy. Generally, life insurance policies include a grace period, which often lasts around 30 days. During this time, the policy remains in force, and the policyholder can make the missed payment without losing coverage. The policyholder will receive notification from Jackson National regarding the missed payment and the grace period. If the payment is not made within the grace period, the policy may lapse, meaning that the coverage would terminate, and the policyholder would no longer have life insurance protection. Should this happen, the policyholder might still have options to reinstate their coverage, usually by applying for reinstatement and providing evidence of insurability, but this process can vary based on the individual policy. It is important for policyholders to regularly review payment due dates and maintain open communication with their insurance provider. Additionally, if there are concerns about being able to make payments on time, some policies may offer flexible payment options or alternative product solutions. For more detailed information regarding a specific policy and its provisions, it can be beneficial to refer to the current page on the Jackson National website for contact information and additional resources.