Missing a premium payment doesn't immediately terminate your coverage. Insurance policies typically include provisions designed to prevent unintentional lapses. Understanding these safeguards and knowing what to do if you miss a payment can help protect your valuable coverage.

Grace Period Protection:

All insurance policies include a grace period—a specified time after the premium due date during which your coverage remains in force even though the premium is unpaid:

• Standard Grace Periods
  • Life Insurance: 30-31 days (required by state law)
  • Disability Insurance: Typically 30-31 days
  • Critical Illness Insurance: Usually 30 days
  • Long-Term Care Insurance: Generally 30-31 days
• During the Grace Period
  • Your coverage remains fully in force
  • Claims will still be paid if filed during this time
  • No late fees or penalties typically apply
  • You can pay the premium to bring the policy current

What Happens After the Grace Period:

If payment isn't made by the end of the grace period, consequences vary by policy type:

• Term Life Insurance
  • Policy typically lapses (coverage ends)
  • Reinstatement may be available for a limited time (usually 30-90 days)
  • Reinstatement after this period may require new underwriting
• Permanent Life Insurance (Whole/Universal)
  • If sufficient cash value exists, an automatic premium loan may be triggered
  • Policy remains in force with the premium deducted from cash value
  • Without sufficient cash value, the policy will lapse after the grace period
  • Extended reinstatement periods often available (up to 3-5 years with some carriers)
• Disability Insurance
  • Coverage terminates after the grace period
  • Reinstatement typically requires proof of continued insurability
  • Some policies have special reinstatement provisions

Our Proactive Approach to Prevent Missed Payments:

• Payment Reminders
  • Email alerts before premium due dates
  • Secondary reminders if payment not received
  • Grace period notifications
• Automatic Payment Options
  • Electronic funds transfer (EFT) from checking/savings
  • Credit card automatic payments
  • Online payment portal with scheduling capabilities
• Payment Flexibility
  • Multiple payment frequency options (monthly, quarterly, semi-annual, annual)
  • Ability to align payment dates with your income schedule
  • Various payment methods to suit your preference

If You Miss a Payment:

1. Contact Us Immediately
   • Call (330) 406-5566 as soon as you realize a payment was missed
   • Email service@crockerfinancial.online
   • We'll help determine your grace period status
2. Payment Options
   • Make an immediate payment through the carrier's website
   • Process a phone payment with the carrier
   • Set up automatic payments to prevent future issues
3. Reinstatement Assistance
   • If beyond the grace period, we'll guide you through reinstatement
   • Help with required paperwork and documentation
   • Advocacy with the carrier for simplified reinstatement when possible

If you anticipate difficulty making a premium payment, please contact us before the due date. We can often work with you to explore payment alternatives, policy adjustments, or other solutions to help maintain your valuable coverage during temporary financial challenges.