Q: I had a variable insurance policy lapsed due to the cost of insurance increase which I did not know.
I paid the premium as always they accepted and kept the payment and weeks later they told me the policy was in lapsed status. In order to get it reinstated I would have to pay 400.00. At the time I could not come up with that amount of money so they (Axa Financial) lapsed the policy.
You could consult with a North Carolina attorney to review the policy and its terms and conditions for cancellation. However, it's possible that seeking coverage elsewhere could be more cost-effective and practical in terms of time and resources needed to look into the coverage lapse. Good luck
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