First things first, know that you can revive your inactive term insurance policy if you want to. Here’s how to go about it:Check the revival period with your insurer. Most insurers offer 2-3 years after the lapseSubmit a revival application form to the insurerUndergo additional medical tests, if the insurer so requiresClear the premium dues, along with revival fees and penalty, if charged by the insurerRead the terms and conditions of the revived policy carefully and follow them to the TRemember, you may now have to pay higher premiums going forwardPro tip - Check for special spot revival schemes that offer a discount on penalty charges and revival feesLast but not least, once your term policy is revived, do not fail to pay your premiums on time. Activate autopay with your bank/credit card so that you don’t miss out on paying premiums on time