GENERALLY, when an insurance policyholder defaults in the payment of an insurance premium, his policy might lapse or may be canceled by the insurance company. But if the nonpayment is only accidental, for instance the insured meant to pay but had only forgotten to do so, the insured may take advantage of the grace period (usually 30 days), which is provided in most policies. As such, the policy need not lapse.
Other types of life insurance policies also give out dividends, which can also be used to offset unpaid premium payment. There are policies as well that are equipped with riders, which allow waivers of premium payments in case of disability or unemployment.
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