How long can a lapsed insurance policy be reinstated based on proof of insurability?

The correct duration for reinstating a lapsed insurance policy based on proof of insurability is three years. In many insurance contracts, particularly life insurance policies, the standard provision allows policyholders to reinstate their policies within a specific period after it has lapsed. This timeframe is typically up to three years, during which the policyholder must provide evidence that they are still insurable under the current underwriting criteria.

This reinstatement feature is designed to give policyholders an opportunity to recover their coverage after a lapse, ensuring they can still obtain benefits within a reasonable timeframe. The requirement for proof of insurability helps the insurer assess the risk associated with reinstating the policy, as the insured person's health status may have changed since the policy first took effect.

While other timeframes like six months, one year, and two years may be applicable in specific circumstances or with certain products, they do not reflect the general standard found in many insurance policies. Thus, the three-year period is a critical aspect for policyholders to be aware of when considering the reinstatement of their insurance coverage.