What is a lapse in life insurance? When you buy a life insurance policy, the life insurance company’s obligation to pay out to your beneficiaries is contingent upon whether you (the insured) paid the premium. A lapse in coverage will occur if there’s a non-payment of the premium, resulting in the .
If you have a life insurance policy that has lapsed due to non-payment of the premium by the life insurance company, it’s time to take action. Laws that control payment lapse or termination for the non-payment of premiums are updated quite frequently. This requires the lif