If you stop paying your premiums, we will likely first see if you have cash value in the policy. We may use this balance to keep covering your premiums until the funds run out. At this point, we may give you a grace period to make up the missed payments and keep your coverage. After that, your coverage will end. Most term products, however, offer optional riders and options that could allow you to renew or covert your policy.
We may offer a reinstatement period, where you can reapply to restart your old policy. In exchange, you'll need to catch up on the missed payments and might need to pass medical underwriting again.