If I forget to make a payment on my insurance- do I lose my benefits?
There is generally a grace period on your life insurance policy that allows you time to catch up on missed premiums. On most policies, that grace period is usually 30 days. If a payment has not been made by the end of the 30 day grace period, it is up to the discretion of the insurance company if they choose to catch up on the missed payments and reinstate your benefits. Keep in mind though, if you have not made your premium payment by the end of the grace period, it is completely in the hands of the insurance company. Every company handles their lapsed policies differently. One important fact to keep in mind, is if you die and the premium has not been caught up; the only way the beneficiary can collect is if there is enough cash value in the policy to pay the premium.