To prevent a life insurance policy from lapsing each and every time a premium payment is late, every state in the country requires that a life insurance policy first go through what is known as a grace period after a payment is missed. The term lapse refers to a “lapse in coverage”, meaning the life insurance contract will no longer pay a death benefit or provide any insurance coverage for the insured person.
Lapse Of Life Insurance Policy
A life insurance policy will lapse when premium payments are missed and cash surrender value is exhausted on a life insurance policy.
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