An Automatic Premium Loan (APL) is a provision in a life insurance policy that prevents the policy from lapsing due to non-payment of premiums.
An Automatic Premium Loan (APL) is a provision in a life insurance policy that prevents the policy from lapsing due to non-payment of premiums. When a policyholder fails to pay a premium on time, the APL provision allows the insurer to automatically extend a loan against the policy's cash value to cover the unpaid premium.
This ensures that the coverage continues uninterrupted, maintaining the insurance protection without the policyholder having to take action.
An Automatic Premium Loan (APL) is a provision in a life insurance policy that prevents the policy from lapsing due to non-payment of premiums.
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