The life insurance contract says that you agree to pay the insurance company a premium in return for the life insurance company providing a death benefit to your beneficiary if you die.
The premium is the amount of money you pay on a regular basis, for instance - monthly, in return for the life insurance coverage.
You are required to pay the premium on time and the insurer agrees to provide the life insurance protection.
If you do not pay your premiums for your life insurance, the coverage may be canceled.
For example, if your premiums are due the 10th of each month and you forget to pay, and the policy states that the coverage lapses after not receiving the premiums within 15 days of the due date, then you will have no life insurance after that time.
A lapsed life insurance policy means your coverage is not "In Force", and the life insurance policy has terminated.
If this happens and you need life insurance you may need to apply for a new life insurance policy.