What is the advantage of reinstating a policy instead of applying for a new one?

As an AI language model, I don't have personal experiences, but here are some advantages of reinstating a policy instead of applying for a new one:

1. Lower premiums: When you reinstate a policy that lapsed due to non-payment, you may end up paying lower premiums than if you were to apply for a new policy. This is because insurance companies view reinstatements as less risky than new policies. The lower premiums can be a significant advantage, especially if you are on a tight budget.

2. No underwriting process: When you apply for a new policy, you will typically have to go through an underwriting process, which involves providing detailed medical history and other personal information. This process can be time-consuming and may lead to higher premiums if you have pre-existing conditions. By reinstating a lapsed policy, you can avoid the underwriting process altogether.

3. Retain original benefits: When you reinstate a policy, you typically retain the original benefits and coverage that you had before the policy lapsed. This can be an advantage if you had a favorable policy in the past that you want to keep.

4. Avoid waiting periods: If you apply for a new policy, you may have to wait for a certain period before the policy becomes effective. This waiting period can be problematic if you need coverage immediately. By reinstating a policy, you can avoid any waiting periods and have coverage as soon as the policy is reinstated.

Overall, reinstating a policy can be a simpler and more cost-effective way to get coverage than applying for a new policy. However, it's essential to verify with your insurance company if and what reinstatement provisions they provide.