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How Insurance Policy Lapses Affect Your Coverage and Credit cover art

How Insurance Policy Lapses Affect Your Coverage and Credit

How Insurance Policy Lapses Affect Your Coverage and Credit

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Lucas and Luna explore what happens when an insurance policy lapses — not just a cancellation, but a specific non-payment gap. They walk through the typical 30-day grace period most carriers offer, the reinstatement window that follows (usually 60 to 90 days), and the hard reality that a lapse longer than 30 days can trigger a new underwriting review and higher premiums. They cite data from the Insurance Information Institute showing that one in eight auto policies lapses each year, and examine how life insurance lapses tie to a 2025 industry report that found 4.2 percent of term policies lapsed within the first two years. The hosts also reveal the lesser-known consequence: a lapse can ding your credit-based insurance score, which over 90 percent of carriers use in pricing. Real talk about what to do if you're in danger of a lapse and why 'let it ride' is rarely the smart move. #InsurancePolicyLapse #GracePeriod #Reinstatement #CoverageGap #InsuranceScore #CreditBasedInsurance #LifeInsurance #AutoInsurance #NonPayment #InsuranceUnderwriting #PolicyCancellation #InsurancePremiums #InsuranceInformationInstitute #TermLifeInsurance #Finance #FexingoBusiness #BusinessPodcast #InsuranceConversations Keep every episode free: buymeacoffee.com/fexingo
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