Typically, you will have a 30 or 31 day grace period to pay your insurance premiums. If you pay within this time period, your life insurance policy will continue "In Force".
If you don't pay within the grace period, your life insurance policy may lapse, depending on the type of insurance policy you purchased.
With a permanent life insurance policy; however, your life insurance carrier may use your cash value, if available, to cover premium payments due.
If you are unable to pay because you have become disabled, and you elected a "Waiver of Premium" provision or rider on your life insurance policy, you do not have to pay premiums for the duration of your disability.
Universal life insurance policies generally offer life insurance policyholders increased flexibility in premium payments that may be important when your cash flow is variable.
Learn about a lapsed life insurance policy and how that works.