What Happens If You Miss a Life Insurance Payment?

Grace periods, lapses and reinstatement explained so a missed payment does not cost you your cover.

The grace period

Most policies give 30 or so days after a due date during which cover stays active. Pay inside it and nothing changes.

What a lapse means

If the grace period ends without payment, the policy can lapse and your family would no longer be protected.

Reinstatement

Many insurers let you bring a lapsed policy back within a window by paying overdue premiums and sometimes answering health questions.

Prevent it

Set up automatic payments, keep your bank details current and calendar yearly renewals.

If money is tight

Talk to the insurer before you miss anything. Options can include lowering the cover, changing the schedule or using cash value on permanent policies.

Compare before restarting

A brand new policy at an older age may cost more, so reinstating is often cheaper.

General information only, not financial or insurance advice.