What happens if I miss a premium payment?

If an individual misses a premium payment with Legal & General Insurance, several important steps and consequences may occur. Typically, insurance policies include a grace period that allows the policyholder to make the payment after the due date without immediately losing coverage. This grace period can vary, so it is advisable to review the specific terms of the policy for detailed information. If the premium remains unpaid after the grace period, the policy may lapse, which means that the coverage would no longer be effective. Consequently, if there is a claim during the period when the policy is lapsed, it may be denied since the insurance provider is not obligated to pay out under a policy that is no longer active. Furthermore, missing a payment may also impact the policyholder's premium rates in the future. Insurance providers often consider payment history when determining renewal premiums. It is worth noting that some insurance providers offer options for reinstating a lapsed policy, often requiring payment of the missed premium and possibly a reinstatement fee. For details on specific policies and options regarding missed payments, it would be wise to check the current web page or the policy documents provided by Legal & General Insurance.