Paragraph match score 79.4%
Page A-575
Key Takeaways
Failing to pay life insurance premiums can lead to policy lapse, which results in a loss of coverage and benefits.
Page A-310
What Happens If You Don’t Pay Life Insurance Premium?
However, non-payment of insurance premiums beyond the grace period may result in a policy lapse , meaning your life cover can lapse and your benefits may be affected. In some cases, especially with permanent life insurance, there may be options like revival, using the cash value, or converting the policy to a paid-up status, depending on the terms of your plan.