22/06/2026
What is a Lapsed Policy?
A policy is considered lapsed when premium payments are missed and the policy can no longer sustain the coverage, resulting in the loss of insurance protection.
Here are some important things to remember:
🟡 There is a grace period.
Your policy does not lapse immediately after the due date. Most policies have a grace period of up to 30 days. If the premium remains unpaid beyond this period, the policy may lapse.
🟡 A lapsed policy may still be reinstated.
All is not lost. Depending on the policy, reinstatement may be possible within up to 3 years from the lapse date.
🟡 Reinstatement is not guaranteed.
You may be required to undergo a new medical evaluation. If there have been changes in your health condition, your application for reinstatement may not be approved. In addition, the 2-year contestability period will generally restart upon reinstatement.
🟡 Prevention is always better than cure.
Consider setting up auto-debit arrangements or scheduled payments to help ensure your premiums are paid on time. Sun Life and your advisors will also send reminders, but staying consistent with payments is key.
🟡 The best advice: Keep your policy active.
A lapsed policy means losing the protection, benefits, and financial security you worked hard to put in place for yourself and your loved ones.
At the end of the day, maintaining a policy is a shared responsibility.
As your advisors, our commitment is to guide you and help provide the protection and financial security that you and your family deserve.
As a policyholder, your responsibility is to keep your policy in force by paying premiums on time.
We understand that life can bring unexpected challenges. If you're experiencing financial difficulties or have concerns about your policy, please don't hesitate to reach out. We're here to listen, explore available options, and help you find the best solution.
💛 Protect what matters most. Keep your policy active and continue building a brighter, more secure future for yourself and your family. ☀️
"The best time to protect your future was yesterday. The next best time is today. Keep your policy active, because protection delayed can become protection denied." 💛☀️
