New York Court of Appeals building in Albany. Photo: Ryland West/ALM Defenses to Life Insurance Lapses for Non-Payment of Premiums
In New York, a life insurance policy can be terminated due to a single late or missed premium payment, even when the policy has been in effect for many years and payments were always timely made. This article discusses several scenarios when such a harsh penalty can be avoided.
April 18, 2022 at 10:00 AM
8 minute read
As illustrated by a Feb. 10, 2022 New York Court of Appeals decision, Bonem v. William Penn Life Insurance Company, a life insurance policyholder who either misses or is late in making a single premium payment, even by only a few days and even if the policy has been in effect for many years, can lose important coverage that is vital for surviving family members.
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