A life insurance policy (other than universal life insurance) lapses when you fail to pay your life insurance premium by the end of the grace period.
If you have a permanent life insurance policy and enough cash value in it, you may borrow from the insurance policy to pay the premium.
If you have a term life insurance policy and don't pay your premium within the grace period, your insurance policy will lapse and simply end.
Learn more about a lapsed life insurance policy.
If you have a permanent life insurance policy and enough cash value in it, you may borrow from the insurance policy to pay the premium.
If you have a term life insurance policy and don't pay your premium within the grace period, your insurance policy will lapse and simply end.
Learn more about a lapsed life insurance policy.
RSS Feed
