Lapsing your Insurance policy and what it means to you (Part 1)
Lapsing an insurance policy for any reason may or may not affect your ability to re-sign for a new one. Some people simply feel dissatisfied with the policy and choose to forget paying the rest of the premiums due till it voids itself. Others simply choose to purchase another policy with higher coverage to get better coverage and rates. Whichever the case for lapsing of a policy, the first time may simply be a sign of financial crunch where the insured cannot finish making his payments. Lapsing policies several times over can spell disaster for the insurance company will look into the reasons for these lapses and even deny if they see you are financially unable to pay for your own insurance.