In my years working as a financial consultant, I have met a number of prospects who have previously lapsed their insurance policies.

It is a disadvantage to them if they lapsed their insurance policies, because typically the charges for life insurance policies in Singapore is on an upfront basis. If they lasped their policies for the first 2 years, for most insurance policies, they will not get any money back.

Thus, I share with many of them, ways on how they can revive back their lapsed insurance policies.

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There are 3 situations where you can revive back the insurance plans.

a) Normal revival

- Can be done for policies that have been lapsed/paid up for less than 3 years

- Submit Declaration of Continued Assurability (DCA) Form

- Policyholders are required to pay outstanding premiums with interest

b) Reinstatement of Surrendered Policies

- Can be done if policies are surrendered for ...