What is the period of time within which a life insurance policy can be reinstated if it lapses?

A life insurance policy can generally be reinstated within a period of three years after it lapses, provided that certain conditions are met. This period allows the policyholder to recover their policy without having to start a new one, preserving their original coverage and premiums. During this three-year window, the insured may need to demonstrate their insurability and pay any required premiums, as well as any applicable late fees or interest.

This reinstatement provision is designed to offer policyholders a reasonable opportunity to regain their insurance coverage after an unintended lapse, such as failure to pay premiums on time. Each state may have specific regulations or additional guidelines around reinstating life insurance policies, but the three-year period is a commonly adopted standard in many jurisdictions, including Arkansas.