If you cease making payments on your life insurance, then the policy itself will typically lapse and then end after the grace period. This grace period provided can range from one life insurance provider to another.When you stop payments on a cash value life insurance, the cash value of the policy will be used to cover the premiums that still need paying. The policy will end when the pot runs out. It’s therefore essential that you make each payment without fail to continue the validity of your policy.Whilst it can be an expense that you pay out every month, it’s good to see these monthly payments as just another bill for your household. It’s just as important to pay out for your life insurance cover as it is to pay for gas and electricity to power your home.