Rules on reinstatement of a lapsed policy of life insurance

Reinstating a lapsed life insurance policy is a process governed by specific rules and conditions. Typically, stipulation often exists in policies, providing the insured the privilege to reinstate it within a specified timeframe under certain conditions.

In fact, the Insurance Code of the Philippines requires every insurance policy to contain a provision that the policyholder shall be entitled to have the policy reinstated at any time within three (3) years from the date of default of premium payment. (Section 233, Insurance Code)

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Alburo Alburo & Associates Law Offices:

• Have labor law and business law as our main fields of practice. For almost a decade now, we have been helping businesses improve their productivity and profitability by helping them comply with relevant laws, rules, and regulations.

• Observe high standards of excellence.

• Always consider innovative approaches to effectively address the legal concerns of our clients, covering a wide range of industries such as food, manufacturing, chemicals, real estate, retail and wholesale trade, and services in fields such as information technology, human resources, security, training, process outsourcing and other manpower services, among many others.

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