What happens if I miss a premium payment?

If a policyholder misses a premium payment with Lincoln National Life Insurance, several potential outcomes may occur, depending on the type of insurance policy, the specific terms of that policy, and any grace period provisions that may apply. Typically, most life insurance policies include a grace period, which is a set period following the due date during which the policyholder can still make the premium payment without risking a lapse in coverage. This grace period is commonly around thirty days, but it may vary by policy. If the premium is not paid within this grace period, the policy may lapse, which means that the insured individual may no longer have coverage under the policy. In some instances, if the policy has accumulated cash value, Lincoln National may use that cash value to cover the unpaid premium, allowing the policy to remain in force for a limited time. However, this can reduce the cash value and any death benefit associated with the policy. To avoid any unintended lapse in coverage, policyholders are encouraged to keep track of their payment due dates and any notices from Lincoln National. It is also important to note that if a policy lapses, the policyholder may need to go through the process of reapplying for coverage, which could involve new underwriting based on the individual's current health status. For further details regarding specific policies and their implications for missed payments, individuals are advised to consult their policy documents or refer to the Lincoln National website for more information.