A lapsed life insurance policy is life insurance that has not been paid up on time.
If your life insurance premiums are not paid to the insurance company on time when they are due, your coverage may lapse.
This means you do not have life insurance coverage. A lapse in life insurance coverage means the life insurance has been terminated (is not In Force) because the premiums have not been paid.
However, the insurance company may allow you to re-instate your life insurance policy by paying all premiums due plus interest.
Usually a life insurance policy allows for a Grace Period of 30 or 31 days if the premium has not been paid. But, after the grace period, the policy goes into lapse, meaning no coverage.
One way to make sure this does not happen is to set up an automatic withdrawal from your savings or checking account to pay your life insurance premiums on time.
Here's how you can learn more about a lapsed life insurance policy