If you miss a payment on your policy, it could lapse. This means you won’t be covered should the worst happen. If your policy lapses, you won’t be refunded any of your previous payments.
Over 50s life insurance isn’t a savings or investment product. It has no cash value, which is why your plan may be cancelled if you stop paying your premiums.
When you miss a payment, a ‘grace period’ activates. This gives you time to meet your payment before your policy lapses. If you don’t make your payment in time, your policy will be invalid.
Read your documents carefully and make a note of your grace period. If you’re at all unsure, speak to your insurance provider as soon as possible.