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âSmallâ term life policies are available with under $50,000 in coverage, but policy amounts can go into the millions. Term life is typically sold in lengths of five, 10, 15, 20, 25 and 30 years. âLevel premiumâ term life means youâre locking in a price for the length of the policy. Typically you will pay a monthly or annual premium to keep the insurance in force. âAnnual renewableâ term life is a one-year policy that renews every year for a higher price.
If you have defaulted, chances are your life cover has lapsed. Of course, insurers provide a grace period after the deadline for premium payments expires. This period is 15 days for monthly premiums and 30 days for other duration premiums. Life Insurance is essentially a contract between you and the insurance company.erein, you can revive: Term and Whole Life Insurance and Endowment Plans within 2 years. Life Insurance Corporation (LIC) allows 5 year revival durations for certain policies. Nevertheless, revive policies within 6 months of lapse to avoid higher premiums, larger interests, and hefty penalties.